Oil prices steadied in early trading today after a sell-off overnight as traders evaluated weak demand and a potential delay in increased supply next month.
Brent crude futures for November delivery increased by 9 cents, or 0.12%, to $72.79 a barrel after falling 1.42% in the previous session. US West Texas Intermediate crude futures for October delivery rose by 12 cents, or 0.17%, to $69.32 following a 1.62% drop on Wednesday. Both crudes declined by one dollar at settlement on Wednesday.
OPEC+ is discussing postponing an oil production increase set for October after prices dropped to a nine-month low on September 3. Last week, OPEC and its allies, led by Russia, planned a 180,000 barrel-per-day production increase in October to gradually unwind 2.2 million bpd cuts. However, the resumption of Libyan exports and weak Chinese demand are prompting reconsideration.
According to market sources citing American Petroleum Institute data, US crude oil and fuel inventories declined last week. The market is awaiting weekly US oil inventory data from the Energy Information Administration, due later today.
