Oil prices dipped on Tuesday, November 11, 2025, as oversupply concerns outweighed uncertainty over the impact of United States sanctions on Russian oil firms Rosneft and Lukoil.
Brent crude futures fell 12 cents, or 0.2%, to $63.94 a barrel by 0426 GMT, while U.S. West Texas Intermediate crude was at $59.99 a barrel, down 14 cents or 0.2%.
The longest government shutdown in U.S. history could end this week after the Senate approved a compromise that would restore federal funding.
The deal now goes to the House of Representatives, where Speaker Mike Johnson has said he would like to pass it as soon as Wednesday.
While progress toward reopening the government has boosted markets broadly, worries about crude oversupply are keeping a lid on oil prices.
“As OPEC production increases grind on, global oil balances are acquiring an increasingly bearish hue on the supply side of the ledger with demand still trending lower in conjunction with a slowed economic growth path among major oil-consuming countries,” analysts at energy advisory firm Ritterbusch and Associates said in a statement.
New Nigerian tax act expands taxation of foreign income
Earlier this month, OPEC+ agreed to increase December output targets by 137,000 barrels per day, the same as for October and November. It also agreed to a pause in increases in the first quarter of next year.
While the oil glut triggered by rising OPEC supply has made investors increasingly bearish in recent weeks, U.S. sanctions also remain in focus, ANZ analysts said in a statement on Tuesday, referring to President Donald Trump’s latest measures targeting Russian oil majors Rosneft and Lukoil.
Sources told Reuters on Monday that Lukoil declared force majeure at its Iraqi oil field and Bulgaria was poised to seize its Burgas refinery.
The force majeure at the West Qurna-2 field in Iraq marks the biggest fallout yet from the sanctions imposed last month.
- Netflix to buy Warner Bros for $72bn - December 5, 2025
- Wike: Defected Rivers lawmakers free to leave PDP, my camp’ll work with loyal members - December 5, 2025
- EU hits X with $140m fine for breaking digital rules - December 5, 2025
