Lukoil's Force Majeure: Oil Prices Drop, Storage Surges
Update: 2025-11-11
Description
Despite Russian oil company Lukoils force majeure on Iraqi operations due to US sanctions, crude oil prices dropped. Brent crude traded at $63.84 per barrel, while WTI stood at $59.89. Record oil storage and bearish sentiment due to oversupply projections persist, as OPECs latest report and IEAs monthly report awaited.
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