Oil prices stabilize in Asian trading after sharp losses driven by Middle East peace talks and OPEC+ supply increases.
West Texas Intermediate crude oil recovers modestly after opening lower, trading near $79.30 per barrel. Prices remain down nearly 7% from recent highs amid easing geopolitical tensions in the Middle East and expectations of higher OPEC+ output.
Earlier losses followed reports of progress in ceasefire negotiations and signals from OPEC+ members about potential production increases. The prior session saw WTI close below $80.00 for the first time in weeks, extending a decline from multi-month peaks.
Market reaction remains cautious as traders assess supply risks and demand outlook ahead of key inventory data.