Oil falls as Opec plans output hike

Oil prices eased slightly on Monday as Opec’s plans to increase oil output once again outweighed hopes of a trade deal framework between the US and China and renewed US sanctions on Russia. Brent crude futures were down about 26 cents, or nearly 0.4 per cent, at $65.68 a barrel at 11:30am ET (1538 GMT). US West Texas Intermediate crude futures were 9 cents or 0.2pc lower at $61.41. Both contracts fell around 1pc in early trade. Eight Opec+ nations are leaning towards making another modest increase in oil output for December when they meet on Sunday as Saudi Arabia pushes to reclaim market share, four sources familiar with the talks said. Meanwhile, US Treasury Secretary Scott Bessent said on Sunday that US and Chinese officials had hashed out a “substantial framework” for a trade deal that could avoid 100% US tariffs on Chinese goods and achieve a deferral of China’s rare-earth export controls in trade discussions this week.