• West Texas Intermediate traded above $71 a barrel, while global benchmark Brent was near $76. Skepticism that alliance members will fully adhere to the voluntary reductions, along with surging production from non-OPEC suppliers, particularly the US, has raised fears of a widening surplus.
• Oil has fallen for the last seven weeks, the longest such run since 2018, and is down by around a fifth since late September. On the demand side, Chinese consumption growth is forecast to slow next year, and there’s a chance of a recession in the US.