Oil Narrowly Extends Gains as Traders Weigh OPEC+ Supply Moves

(Bloomberg) — Oil prices fluctuated with slight gains and losses as market participants evaluated the ramifications of OPEC+ supply decisions and the actions of its leading member, Saudi Arabia.

West Texas Intermediate saw a modest increase of approximately 0.1%, approaching $62 per barrel, marking a continuation of gains for three consecutive days. Over the weekend, OPEC and its partners, including Russia, announced a production increase of 137,000 barrels per day, while Saudi Arabia maintained its pricing strategy for its key grade to Asia, surprising analysts who anticipated an increase.

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According to Edward Bell, the acting chief economist and head of research at Emirates NBD, “The planned output increase for November by OPEC+ is relatively modest. The markets will remain vigilant for indications of stock accumulations.”

Crude oil experienced consecutive losses during August and September, primarily due to worries over a potential oversupply. OPEC+ has been increasing production recently in an effort to regain market share, even as rival producers in the Americas continue to ramp up output. Additionally, traders are keeping an eye on Ukrainian assaults on Russian energy facilities, as these may disrupt supplies.

In the last month, Russia’s crude oil exports via sea have remained near a 16-month high, as drone attacks on refineries force a rerouting of supplies to export ports while straining their operational capacity. Meanwhile, the European Union is considering sanctions that may further impede the flow of energy from Moscow.

On another note, Shell Plc announced that its oil and gas trading performance improved in the third quarter after facing geopolitical instability in the prior quarter. Exxon Mobil Corp. also reported a recovery in refining margins during the third quarter, contributing an additional $500 million to its earnings compared to the previous quarter.

–Contributions from Yongchang Chin and John Deane.

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