Oil prices traded in a narrow range on Friday, the first trading day of 2026, as markets focused on expectations that the OPEC+ group will maintain its current supply policy at a meeting later this week.
International benchmark Brent crude stood at $61.17 per barrel at 10.07 a.m. local time (0707 GMT), up 0.4% from the previous close of $60.88.
US benchmark West Texas Intermediate (WTI) rose 0.6% to $57.70 per barrel, compared with $57.33 in the prior session.
Attention is centered on the Jan. 4 OPEC+ meeting, where producers are expected to review market conditions and set output policy for the early part of 2026. The group is widely expected to stick to its decision to pause further supply increases.
OPEC+, comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, previously agreed to suspend planned output hikes for early 2026 to support prices after sharp losses in global crude benchmarks last year.
Geopolitical developments offered limited support. US President Donald Trump announced new sanctions targeting certain companies operating in Hong Kong and mainland China, tightening pressure on Venezuela’s oil exports.
The measures target firms and vessels accused of helping Caracas bypass existing restrictions, raising concerns over possible disruptions to Venezuelan crude shipments.
Oil prices fell sharply last year amid ample supply, as OPEC+ eased production cuts and non-OPEC producers kept output high, outweighing supply risks linked to geopolitical tensions.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr