Overview

• Brent hovered near $64 and WTI around $61 after four sessions of losses, leaving both benchmarks on track for their steepest weekly drop since late June.
• OPEC+ meets Sunday with delegates and sources saying the group could approve as much as a 500,000 bpd increase for November, accelerating the unwinding of earlier cuts.
• The U.S. EIA reported crude inventories rose by 1.8 million barrels to 416.5 million in the week to Sept. 26, as refining activity and demand softened.
• Iraq and the Kurdistan regional authorities reached a deal to restart pipeline exports via Turkey’s Ceyhan terminal, a move that could add roughly 500,000 bpd to global supply.
• G7 finance ministers vowed to tighten enforcement on Russian oil trade and U.S. officials signaled intelligence support for Ukrainian strikes on energy infrastructure, injecting disruption risk even as oversupply concerns grow.