[MARKET ANALYSIS] Crude eases heading into a week of oil forecasts by key agencies

• WTI and Brent gapped lower but trades rangebound as the European session gets underway as geopolitical tensions ease and a week full of oil forecasts by key agencies awaits. WTI oscillates either side of the USD 63/bbl price while Brent trades in a USD 67.02-67.73/bbl band.
• Over the weekend, Iran's FM Araghchi ruled out giving up on uranium enrichment, well-known for its need in nuclear weapons, however reassuring the US that they are not looking for an atomic bomb. For the next meeting, the Trump administration has told Iran to arrive with meaningful substance, following the "good meeting" on Friday.
• Elsewhere, US President Trump signed an order on Friday that detailed some terms of the trade deal between the US and India. Within the order, it stated that India has committed to stop directly or indirectly importing Russian oil, and threatened to reinstate import tariffs if purchases are resumed. Bloomberg reported, citing sources, that the pause of Russian oil imports could halve in January.

Crude prices are easing as geopolitical tensions subside and oil forecasts loom, suggesting a cautious outlook in the market. The potential impact of Iran's nuclear stance and the U.S.-India trade deal, particularly concerning Russian oil imports, adds complexity to the supply side. Traders should monitor these developments closely, as shifts in geopolitical narratives could influence pricing in the short term.