Oil prices settled lower Tuesday, as a stronger dollar and fears about supply outstripping demand remain front and center, offsetting a potential supply risk from ongoing tensions in the Middle East. The dollar rose, weighing on oil prices, despite falling Treasury yields fell amid data pointing to weakness in the labor market as labor demand fell to a two-year low. Sentiment on oil prices continued to be soured concerns that the Organization of the Petroleum Exporting Countries and allies, including Russia, a group known as OPEC+, agreements on Nov. 30 to take 2.2 million barrels a day offline early next year may not be enough to curb a potential supply surplus.
"Crude oil price near USD80/bbl looks underpriced as market is in deficit and inventories are low. Further, geopolitical risks are still looming, a wider conflict in the Middle East will be a potential downside supply risk," ANZ Research said in a note. "If the US tightens its sanctions against Iran and Russia and OPEC+ voluntary cuts go as per plan, this severely tighten the market balance. "
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