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Oil prices rose on Wednesday as investors shrugged off concerns about oversupply and focused on OPEC+’s decision to limit production increases next month.
Brent crude futures gained 48 cents, or 0.7%, to trade at $65.93 a barrel by 5:00 a.m. WAT, while U.S. West Texas Intermediate (WTI) crude rose 51 cents, or 0.8%, to $62.24.
OPEC+ agreed to raise output by 137,000 barrels per day — the smallest increase among the options considered during its weekend meeting.
The previous session ended with little change, as traders weighed signs of a potential supply glut against the group’s smaller-than-expected production boost for November.
Prices are currently supported by traders maintaining long positions — bets that prices will rise — amid ongoing efforts to restrict Russian crude supplies.
Market participants are also awaiting U.S. inventory data from the Energy Information Administration, due later on Wednesday, for further direction.
