Oil prices surge following Assad’s fall

The end of Bashar al-Assad‘s 51-year family reign triggered a surge in oil prices as regional uncertainties would remain at least for a while.

Brent crude oil prices rose 0.53% to $71.50 per barrel on Monday at 0630 GMT, while U.S. West Texas Intermediate (WTI) climbed 0.58% to $67.59 per barrel.

Saudi Aramco reduced its January 2025 crude oil prices for Asia to their lowest levels since early 2021, citing weakened demand from China. Meanwhile, OPEC+ has postponed planned output increases to April and extended production cuts through 2026, responding to slowing global demand and increasing supply.

Reuters reports that oil and gas rig activity reached a three-month high in the U.S., signaling an uptick in production amid a projected supply surplus for next year. Despite falling prices, money managers increased their net long positions in U.S. crude futures and options in the week leading up to Dec. 3, according to data from the U.S. Commodity Futures Trading Commission.