Oil prices stabilize after a two-day decline
Oil prices have returned to a slight uptick in early trading on Wednesday, halting a two-day downward trend, as investors await OPEC+’s strategies regarding potential production increases starting next month.
Brent crude futures for December rose by 12 cents to settle at $66.15 per barrel, while West Texas Intermediate crude also increased by the same amount to reach $62.49 per barrel.
The prices received additional support from preliminary estimates suggesting a decrease in U.S. crude oil inventories, preventing a deeper decline in the market. According to sources familiar with the matter, the American Petroleum Institute reported that inventories fell by about 3.67 million barrels during the week ending September 26, while gasoline inventories increased by 1.3 million barrels and distillate stocks rose by 3 million barrels.
Observers believe these figures may provide some balance to the markets, but they remain contingent on the upcoming OPEC+ meeting, especially given the uncertainty surrounding the global economic landscape and divergent forecasts concerning energy demand.
