Overview

• WTI November settled up 1.33% to $62.55 and Brent December rose 1.22% to $66.25.
• U.S. Department of Energy data showed crude inventories increased by 3.715 million barrels to 420.261 million, versus a 700,000-barrel rise expected.
• Capital Economics said Ukrainian strikes on Russian refining and export assets have increased upside price risk.
• Saxo Bank noted gains were driven by short-covering after last week’s liquidation, with Brent confined to a narrow trading range in recent weeks.
• Markets also weighed OPEC+ plans to restore supply following a newly confirmed output increase for November.