Overview

• Brent traded near $65.85 a barrel and WTI around $62.17 in early Wednesday dealings after a flat finish the previous session.
• OPEC+ approved a 137,000 barrels-per-day addition for November, the smallest option discussed at its recent meeting.
• API data pointed to a 2.78 million-barrel U.S. crude build for the week to Oct. 3 alongside product draws, with official EIA figures due later Wednesday.
• The EIA raised its 2025 U.S. production outlook to a record 13.53 million bpd and expects global inventories to expand through next year.
• JPMorgan estimated a 123 million-barrel global stock build in September, while India’s fuel demand rose 7% year on year and a Kirishi refinery outage adds intermittent support as Russian crude exports stay near a 16-month high.