- Oil gains 1.90% to $61.85 per barrel after OPEC+ maintained a moderate production increase for November at 137,000 barrels per day. The smaller-than-feared hike eased concerns about a large influx of crude onto the market.
- Rebound may be short-lived
- Oil gains 1.90% to $61.85 per barrel after OPEC+ maintained a moderate production increase for November at 137,000 barrels per day. The smaller-than-feared hike eased concerns about a large influx of crude onto the market.
- Rebound may be short-lived
Oil gains 1.90% to $61.85 per barrel after OPEC+ maintained a moderate production increase for November at 137,000 barrels per day. The smaller-than-feared hike eased concerns about a large influx of crude onto the market.
Both Brent and WTI are trading higher today, though both benchmarks remain lower on the week following earlier speculation about a bigger OPEC+ supply boost that had pushed prices toward four-month lows. The alliance — led by Saudi Arabia and Russia — said the decision reflects a stable economic environment and low inventories, adding that the situation will be reassessed at the next meeting on November 2.
Analysts, however, warn the rebound may be short-lived. They point to weaker demand in Q4 — driven by refinery maintenance, smaller product stock draws in U.S. data, and generally softer macro sentiment — while supply-side headwinds persist, including rising output from Venezuela, resumed Kurdish exports, and unsold Middle Eastern cargoes. According to Rystad Energy, the additional 137,000 barrels per day still adds to market oversupply, though some support comes from Chinese reserve purchases, geopolitical tensions, and trade frictions.
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