Crude oil prices stabilized in a narrow range following the OPEC+ alliance’s decision to extend its current production cut agreement through year-end. The decision, reached at the group’s latest ministerial meeting, removes a key source of uncertainty that had been weighing on energy markets.

Brent crude traded around $84 per barrel in the aftermath of the announcement, while West Texas Intermediate held near $80. The relatively muted market reaction suggests that the extension was largely priced in, with market attention now focused on compliance rates among member countries and demand signals from China.

The decision reflects the alliance’s assessment that global oil demand growth is on track but that market balance remains fragile in the face of rising non-OPEC supply, particularly from US shale producers. The group has signaled flexibility to adjust output levels if market conditions change significantly.

Energy traders are watching closely for signs of easing geopolitical tensions in the Middle East, which could provide additional downside pressure on prices through increased supply expectations.