Oil Gains Ground as Investors Await OPEC and IEA Market Outlooks

By Praisebell Rosemond Larbi

Global oil prices gained momentum on Monday after two weeks of weakness, as investors responded to shifting supply trends, geopolitical pressure, and anticipation of key market outlooks expected from OPEC and the International Energy Agency (IEA) this week.

Brent crude, the international benchmark, climbed above the $64 mark, settling at $64.11 per barrel on November 10, 2025, a 0.75% rise from the previous session and the highest level in two weeks. While the rebound appears modest, analysts say the move signals stabilizing sentiment after a period of volatility. Over the past month, Brent has gained around 1.25%, but remains nearly 11% lower than prices recorded a year ago, reflecting a market that is recovering but still far from its earlier highs.

WTI crude, the US benchmark, followed the same path, rising above $60 per barrel as traders recalibrated expectations around supply and demand. Much of the recent pressure on prices has come from the gradual easing of production cuts by OPEC and its allies, including Russia. After months of tight controls aimed at supporting the market, major producers have been releasing more barrels into the system, contributing to increased supply and moderating upward price movement.

In addition to OPEC’s actions, production in the US continues to rise, with shale producers boosting output as they respond to improving margins. The combined effect of higher output from traditional OPEC producers and non-OPEC countries has helped keep global prices steady but has also created uncertainty for traders seeking clarity on the direction of global inventories.

Geopolitical dynamics add another layer of complexity. Recent US sanctions on Russian energy giants Rosneft and Lukoil have narrowed Russia’s export channels and created ripple effects worldwide. Large importers like China and India, which have relied heavily on Russian crude, are now seeking alternative supply routes, reshaping trade flows and heightening uncertainty in the short term.

Market watchers say all eyes are now on the upcoming OPEC and IEA reports, which are expected to offer updated forecasts on global demand, supply trends, and inventory levels for 2026. These reports are closely followed by investors because they often influence short-term sentiment and policy direction among major oil-producing nations.

For now, Monday’s rebound provides some relief to traders after a challenging stretch. But whether the momentum holds will depend on what the world’s two biggest energy market monitors reveal in the days ahead.