Also the outcome of a United States (US) government shutdown that could impact economic activity and fuel demand.
Brent crude futures for December delivery rose 25 cents to $66.28 a barrel. US West Texas Intermediate (WTI) crude rose by 22 cents to $62.59 a barrel.
On Monday, Brent and WTI both settled more than 3% lower, their sharpest daily declines since August 1. On Tuesday, they each fell 1.5% further.
“The weakness stems largely from supply-side developments, with OPEC gradually reviving production, adding to market concerns over a potential supply overhang,” Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm, said.
The OPEC and its allies, known as OPEC+, could agree to raise oil production by up to 500 000 barrels per day (bpd) in November, triple the increase made for October, as Saudi Arabia seeks to reclaim market share, three sources familiar with the talks said.
Eight members of the group, which pumps about half the world’s oil, are considering a hike of 274 000 to 411 000 bpd, two of the sources said.
A third source said the increase could reach 500 000 bpd.
OPEC wrote in a post on X that media reports of plans to raise output by 500 000 bpd were misleading.
–Reuters–
