Oil Prices Tumble Amid Stronger US Dollar and OPEC+ Production Hike

Oil prices have fallen for the third consecutive day, with Brent crude futures slipping 83 cents (1.26%) to $64.79 a barrel and US West Texas Intermediate crude futures dropping 75 cents (1.22%) to $60.56 a barrel.
This downward trend comes after a significant weekly gain last week, triggered by US President Donald Trump's imposition of Ukraine-related sanctions on Russian oil companies Lukoil and Rosneft.
The decline is largely attributed to OPEC+'s plans to raise output in December, which has countered optimism surrounding a potential US-China trade deal.
OPEC+, comprising the Organization of Petroleum Exporting Countries and its allies, including Russia, has been reversing production cuts since April, aiming to support the oil market.
Meanwhile, the prospect of a trade deal between the US and China, the world's largest oil consumers, has offered some support to the market, with Presidents Trump and Xi Jinping set to meet on Thursday in South Korea.
However, the impact of US sanctions on Russian oil companies is expected to be limited, with surplus capacity likely to offset any price increases.
Market participants view the sanctions as having a short-term effect, with any medium- to long-term supply losses expected to be limited and oversupply likely to pressure prices.

Source - Reuters