U.S. Cyber Monday Online Sales Surge Past $9.1 Billion as Holiday Shopping Momentum Builds 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
Oil Prices Rise as Geopolitical Tensions and Supply Risks Intensify 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Tech Stocks Lift S&P 500 as Fed Rate-Cut Expectations Rise 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
RBA Signals Possible Rate Implications as Inflation Proves More Persistent 
U.S. May Withhold $30.4 Million From Minnesota Over Improper Commercial Driver Licenses 
Trump Administration Plans Major Rollback of Biden-Era Fuel Economy Standards 
Oil Prices Slip as Russia-Ukraine Peace Hopes Fade and Oversupply Fears Grow 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Trump and Lula Discuss Trade, Sanctions, and Security in “Productive” Phone Call 
Oil prices rose in Asian trading on Friday, recovering from a three-week low and erasing much of their recent declines. The rebound came as traders grew more confident that strict U.S. sanctions on major Russian oil companies could help counter a projected global supply glut in 2026. Optimism also improved after the U.S. government reopened following a nearly 43-day shutdown, boosting expectations for stronger fuel demand.
Brent crude futures for January climbed 1.1% to $63.65 per barrel, while West Texas Intermediate (WTI) crude gained 1% to reach $59.24 per barrel as of 20:08 ET (01:08 GMT). Market sentiment improved after the U.S. Treasury confirmed that sanctions announced in late October against Rosneft and Lukoil—Russia’s largest oil producers—will officially take effect on November 21. Both companies have already begun reducing certain operations ahead of the deadline, and analysts expect the restrictions to further hinder Russia’s ability to export crude. The sanctions are part of broader efforts to pressure Moscow into halting its conflict with Ukraine, although no meaningful progress has been made.
Despite the price rebound, oil remains under pressure as fears of oversupply continue to weigh on the market. Both Brent and WTI traded relatively flat this week after sliding to multi-week lows. The downturn was triggered by a bearish report from the Organization of Petroleum Exporting Countries (OPEC), which shifted its forecast to a slight surplus in 2026—contradicting its previously optimistic outlook. Prices fell sharply on Wednesday, dropping around 4% following the announcement.
The International Energy Agency (IEA) added further downward pressure on Thursday, projecting an even larger supply surplus next year driven by increased production from OPEC and other major oil-producing nations. The agency also warned that global oil demand growth is expected to slow, citing rising economic uncertainty and weaker consumption patterns worldwide.
Overall, while U.S.-Russia sanctions are offering near-term support, concerns surrounding a potential 2026 supply glut and softer demand expectations remain key challenges for the oil market.
