North Sea crude oil, a benchmark in Europe, ended the session on the Intercontinental Exchange trading at 14 cents below the $63.52 at which it closed transactions on Wednesday.
Brent continued in negative territory, given the persistent weakness in global demand, particularly in the U.S. and China.
This structural factor was compounded by the dollar’s appreciation and the decision by OPEC+ to increase its production by 137,000 barrels per day in December and maintain it at least until the first quarter of 2026.
OPEC+ includes members of the Organization of the Petroleum Exporting Countries along with allies such as the Russian Federation.
