Global crude oil prices moved flat today (Wednesday) after a sharp two-day drop, as investors assessed the possibility of OPEC+ production increases in November and the impact of the US government shutdown that could impact economic activity and oil demand.
Brent crude rose slightly to $66.31 a barrel, while US crude (WTI) rose to around $62.63 a barrel, reflecting limited reaction to market uncertainty.
Among the main drivers was a report that OPEC+ is considering raising production by up to 500,000 barrels per day, three times higher than the output made for October.
In the US, crude oil inventories were reported to have fallen by 3.67 million barrels last week, reflecting relatively weaker fuel demand.
The market situation became more complicated as the possibility of a US government shutdown added uncertainty to key economic data and energy demand in the near term.
Overall, the stability in oil prices this morning indicated a delicate balance between increasing supply pressures and concerns about weakening global demand.
