Oil Prices Weaken Ahead of OPEC+ Meeting
World oil prices fell on Thursday amid concerns that OPEC+ would increase supply again at its meeting on Sunday. Brent briefly fell as much as 1.4% before paring some of its losses, while WTI also fell. Russian Deputy Prime Minister Alexander Novak said OPEC+ would "look at the overall situation" before making a decision. However, Saudi Arabia and other key partners have yet to decide on a course of action.
The decline in oil prices was also exacerbated by reports that OPEC+ is considering a new round of production increases. This adds pressure to a market already strained by abundant global supply. Investors are increasingly wary of the potential for OPEC+ decisions to increase supply volumes in the coming months.
In the United States, industry estimates show that crude inventories at the Cushing, Oklahoma, storage hub rose by 2.1 million barrels last week. If official data due later Thursday confirms this, the increase would be the largest since March. This situation has heightened concerns about a supply glut in the global oil market. So far this year, Brent prices have fallen by around 10% as OPEC+ aggressively lifts production curbs to regain market share. At the same time, producers outside the alliance are also increasing supply, while demand uncertainty is growing due to new trade tariffs from the Trump administration. At 10:01 a.m. London time, Brent for November delivery fell 0.9% to $67.01 per barrel, while WTI for October delivery fell 1% to $63.32 per barrel. (ayu)
Source: Newsmaker.id
