Crude oil futures are stagnant, with the focus on the implementation of the ceasefire agreement in Lebanon.

November 27th, 12:01 PM GMT+9

Crude oil futures are stagnant in early Asian trading on the 27th. There is a strong mood to assess the impact of the ceasefire agreement between Israel and the pro-Iran armed group Hezbollah, and there is also awareness of the meeting on December 1st involving the Organization of the Petroleum Exporting Countries (OPEC) and others in OPEC Plus.
North Sea Brent futures are down $0.02 at $72.79 per barrel, while US WTI futures are down $0.04 at $68.73.
President Biden announced that the ceasefire agreement between Israel and Hezbollah in Israel and Lebanon will come into effect at 4:00 am local time on the 27th (11:00 am Japan time). The agreement was brokered by the US and France.
Hironori Kikukawa, President of NS Trading under Nissan Securities, pointed out that market participants are observing whether the ceasefire will be upheld.
Considering the winter weather in the northern hemisphere, the potential increase in shale oil and gas production under the upcoming Trump administration, and the demand trends in China, it is expected that WTI futures will fluctuate between $65-$70.
On the other hand, OPEC and non-member oil-producing countries such as Russia are discussing further postponing the reduction of voluntary production cuts planned to start in January next year by voluntary countries before the ministerial meeting to be held on December 1, revealed by two sources on the 26th.