Oil futures hand back the previous session's gains as market concerns about oversupply outweigh geopolitical factors, including the U.S. seizure of a sanctioned oil tanker off Venezuela.While the International Energy Agency cut its supply surplus forecast for the first time since May, it still expects supply to outstrip demand by 3.8 million barrels a day in 2026, Mizuho's Robert Yawger says in a note."According to the barrel counters, getting long and expecting a big move to the upside is futile, despite t ...

Group 1 - OPEC+ will maintain its decision to pause production increases for the first quarter, amid indications of a surplus in global oil markets [1] - Key members, led by Saudi Arabia, confirmed the three-month supply pause during a private video conference [1] - The production hiatus reflects OPEC+'s caution after previously increasing oil production earlier this year [2] Group 2 - The pause in production is expected to lead to a significant excess in world markets by early 2026, potentially exerting further pressure on oil prices [2] - Oil futures have dropped 15% this year, trading near $63 per barrel in London, due to increased supply from the Americas outpacing demand growth [3] - The International Energy Agency forecasts a record glut in 2026, with major financial institutions predicting lower futures prices [3] Group 3 - The three-month production freeze allows OPEC+ time to evaluate geopolitical risks affecting supply and ongoing efforts to resolve the war in Ukraine [4]