Oil prices held steady near a two-month high after two consecutive weeks of gains, supported by a risk-on sentiment in broader markets. Brent crude traded close to US$77 per barrel after a five-day rally, while West Texas Intermediate (WTI) hovered around US$74 per barrel.
The recent breakout from the narrow range seen since mid-October has lifted market optimism. However, uncertainties persist for the remainder of the year. Concerns about potential oversupply, the revival of idled OPEC+ production, the world's largest importer, counterbalance the market's bullish sentiment.
Adding to the unpredictability is the anticipated return of Donald Trump to the White House later this month, which could reshape geopolitical dynamics.
As of 7:29 am, Brent for March settlement rose 0.2% to US$76.67, while WTI for February delivery climbed 0.3% to US$74.19.
