Oil Drops Amid Stronger Dollar as Market Weighs Glut Outlook

Group 1 - Oil prices fell after a four-day increase, influenced by broader market declines and oversupply concerns, with Brent crude trading near $64 per barrel [1] - OPEC+ and allied nations decided to maintain production quotas in the first quarter, anticipating a potential oversupply situation [2] - The global benchmark oil price has decreased by 14% this year due to increased production from OPEC+ and non-OPEC nations, despite a temporary rebound following US sanctions on major Russian oil companies [3] Group 2 - Industry leaders express skepticism about the effectiveness of US sanctions on Russian oil, suggesting that disrupted oil will still find its way to the market [4] - Eni SpA's CEO indicated that concerns regarding oversupply are likely to be short-lived, attempting to alleviate fears about weak demand [4] - Several oil majors have warned that the market is underestimating the impact of US restrictions on Russian oil producers [5]