Oil Edges Higher on U.S.–China Thaw and Stockpile Draw as OPEC+ Decision Nears

Attention shifts to the Nov. 2 OPEC+ meeting as modest gains fail to resolve concerns about a broader supply overhang.

Overview

U.S. crude for December settled at $60.57, up 0.15%, while Brent contracts also finished slightly higher after a larger‑than‑expected inventory draw.
Reports of talks between Presidents Donald Trump and Xi Jinping eased U.S.–China trade tensions and supported market sentiment.
Energy Secretary Chris Wright said the United States is ready to become a key supplier of oil to China, Asia and the European Union, according to a Bloomberg interview.
Analysts said crude remains on track for a third consecutive monthly decline, with investors watching the Nov. 2 OPEC+ meeting where modest output increases may be discussed.
Traders evaluated the Federal Reserve’s rate cut with no assurance of another move in December, the potential impact of U.S. sanctions on Russian oil, and the lack of clear signs that China will curb purchases from Russia.