Oil edged higher on Thursday after tumbling almost 7% over the previous three sessions, ahead of an OPEC+ meeting on the weekend that's likely to see the return of more idled supply.
Brent traded near $66 a barrel and West Texas Intermediate was above $62. On Wednesday, the Energy Information Administration reported US crude stockpiles rose for the first time in three weeks, while gasoline inventories swelled the most since June. Refinery runs also fell, likely due to maintenance.
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The Organization of the Petroleum Exporting Countries and its allies are poised to agree to a output increase for November when the group meets on Sunday, despite widespread expectations for a looming surplus. Some Wall Street banks are predicting Brent will drop to the $50s-a-barrel range next year.
Meanwhile, Turkey's Ceyhan oil export terminal is scheduled to load its first cargo from Iraq's Kurdish region since 2023 after a deal was reached last month to allow flows to resume, adding even more supply to the market.
“Demand growth is weak while supply is ample, pointing to an oversupplied market by 2026,”said Priyanka Sachdeva, senior market analyst for brokerage Phillip Nova Pte in Singapore.
Prices:
Brent for December settlement was 0.5% higher at $65.70 a barrel as of 11:08 a.m. in Singapore.
WTI for November delivery rose 0.5% to $62.11 a barrel.
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