Oil Steadies After Advance With OPEC+ Supply Decision in Focus
Oil steadied after a two-day advance after OPEC+ agreed on a modest supply quota increase, with traders also parsing signals from lower-than-expected Saudi prices.
West Texas Intermediate traded below $62 a barrel after a 1.3% gain on Monday, with Brent crude closing above $65. OPEC and allies including Russia decided at the weekend on a 137,000-barrel-a-day increment, while de-facto leader Saudi Arabia kept the price of its main grade to Asia unchanged in a sign of caution, surprising traders who had expected an increase.
Crude posted back-to-back losses in August and September, hurt by concerns over an impending surplus. The producer group has been ramping up output for months in a bid to reclaim market share, while rival drillers from the Americas have also been raising output. Traders are also watching Ukrainian attacks on Russian oil infrastructure in case it hampers supply.
WTI for November delivery was little changed at $61.71 a barrel at 7:20 a.m. in Singapore.
Brent for December settlement closed 1.5% higher at $65.47 a barrel.
Source : Bloomberg
