Core Insights - Oil prices declined over 1% due to OPEC+'s decision to pause output hikes in Q1 next year, weak manufacturing data, and a stronger dollar [1][2] - Brent crude futures fell by 82 cents (approximately 1.3%) to $64.07 per barrel, while U.S. West Texas Intermediate crude decreased by 84 cents (1.4%) to $60.21 per barrel [1] Group 1: OPEC+ Decisions - OPEC+ agreed to a small oil output increase for December but decided to pause further increases in the first quarter of next year, indicating a cautious approach to potential oversupply [2][3] - This decision may signal OPEC+'s acknowledgment of a potential oversupply situation, contrasting their previously bullish outlook on demand trends [3] Group 2: Market Conditions - Weak manufacturing PMIs from Asia and the U.S. ISM are raising concerns about oil demand, compounded by tariff threats that could disrupt the market [2] - The strengthening U.S. dollar is exerting downward pressure on oil prices, making dollar-priced assets more expensive for holders of other currencies [4] Group 3: Regional Manufacturing Impact - Japan's manufacturing activity contracted at the fastest pace in 19 months, driven by decreased demand in the automotive and semiconductor sectors [4] Group 4: Inventory Expectations - Market participants are anticipating the latest U.S. inventory data from the American Petroleum Institute (API), with expectations of a rise in U.S. crude oil stockpiles [5]