Oil Prices Dip Ahead of Key OPEC and IEA Reports

WTI crude oil futures slipped below $61 per barrel on Tuesday, halting a three-day rally as traders awaited key supply and demand forecasts from global energy agencies.

OPEC will release its monthly market report later today, followed by the International Energy Agency’s annual outlook, both expected to provide insights into the global crude balance through 2026 amid persistent oversupply concerns.

Oil had recently risen after new U.S. sanctions on Russia began disrupting crude and fuel flows. Lukoil declared force majeure at an Iraqi field — the most significant impact yet from the sanctions.

Meanwhile, Saudi Arabia, Iraq, and Kuwait plan to boost December oil shipments to India as refiners diversify away from Russian supplies.

Adding to market optimism, expectations that the U.S. government shutdown will soon end have lifted the outlook for fuel demand.