Overview
- Brent traded near $63.5 and WTI hovered around $59.6 after settling at two-week lows, following a choppy week for crude.
- The EIA reported a 5.2 million-barrel rise in U.S. crude inventories for the week ended Oct. 31, while gasoline stocks fell by about 4.7 million barrels to an 11-year low.
- U.S. crude production held near a record 13.651 million barrels per day, reinforcing supply pressure highlighted in recent weekly data.
- OPEC+ agreed to raise output by 137,000 barrels per day in December before pausing further increases in the first quarter of 2026, a step analysts say offers limited near-term support.
- A risk-off tone in equities and a firmer U.S. dollar weighed on oil, with analysts flagging soft demand signals and growing concerns about a developing surplus.