{"id":15937,"date":"2024-11-26T16:37:24","date_gmt":"2024-11-26T21:37:24","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=15937"},"modified":"2024-11-26T16:37:27","modified_gmt":"2024-11-26T21:37:27","slug":"petroleum-daily-report-11-26-2024","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-11-26-2024\/","title":{"rendered":"Petroleum Daily Report 11-26-2024"},"content":{"rendered":"\n

Oil prices extended their losses on Tuesday after news of a ceasefire agreement between Israel and Lebanon reduced the geopolitical risk premium. Brent crude settled down 20 cents, or 0.27%, at $72.81 per barrel, while U.S. West Texas Intermediate (WTI) fell 17 cents, or 0.25%, to close at $68.77. The ceasefire, expected to take effect Wednesday, eased concerns about potential disruptions, with analysts suggesting the reduced tensions might prompt the U.S. to ease sanctions on Iranian oil, potentially increasing global supply and pressuring prices further.<\/p>\n\n\n\n

During the session, both benchmarks briefly jumped over $1 per barrel on reports of resumed OPEC+ discussions. The group is considering delaying planned production hikes scheduled for January, with a decision expected at its upcoming meeting on Sunday. A slowdown in global demand, particularly from China, along with increased output outside OPEC+, has raised concerns about oversupply in the market. In addition, President-elect Donald Trump announced plans to impose a 25% tariff on imports from Mexico and Canada, including crude oil. Industry experts warned that such tariffs could disrupt the energy trade across borders, as Canadian crude plays a critical role in U.S. supply. Investors are now turning their attention to U.S. oil inventory data expected later in the day, which could offer further insights into market direction.<\/p>\n\n\n\n

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