Overview
- Brent traded near $64.43 and WTI around $60.80 on Friday, leaving both benchmarks on track for weekly drops of about 8% and 7.5%, respectively.
- Reports citing unnamed sources suggest OPEC+ could lift output by up to 500,000 barrels per day in November, though OPEC has called such media claims misleading.
- OPEC+’s monitoring panel urged full compliance with existing curbs this week, and it does not have authority to set production targets.
- U.S. crude inventories rose by 1.8 million barrels to 416.5 million last week, with softer refinery runs and seasonal demand adding to concerns about oversupply.
- An overnight fire at Chevron’s El Segundo refinery in California was contained, and analysts said any impact on crude prices is likely limited.