Kumzar: Oil prices were moving lower today after oil-producing countries in the OPEC+ group decided on the weekend to keep output unchanged through the first three months of the year. Concerns over sluggish demand in China, a stronger dollar, and the prospect of a production revival in Venezuela also weighed on prices.

According to Oman News Agency, benchmark Brent crude futures fell over 1% to $60.13 a barrel, while WTI crude futures were down 1% at $56.73. OPEC+ agreed to maintain stable oil production at its meeting on Sunday, despite falling oil prices on fears of oversupply.

The eight countries - Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman - had previously raised their production targets by 2.9 million barrels per day from April to December 2025, which is almost 3% of global oil demand.