Oil held a run of losses after US crude inventories expanded for the first time in three weeks, ahead of an OPEC+ meeting on the weekend that will likely lead to the return of more idled supply.
West Texas Intermediate traded below $62 after tumbling 6% over the previous three sessions. Brent closed near $65 on Wednesday. US crude stockpiles rose by 1.79 million barrels last week, while gasoline inventories swelled the most since late June, according to Energy Information Administration data.
The Organization of the Petroleum Exporting Countries and its allies are expected to agree to a production increase for November when the group meets on Sunday, despite forecasts for a looming surplus. Some Wall Street banks are predicting Brent will drop to the $50s-a-barrel range next year.
To get Bloomberg's Energy Daily newsletter in your inbox, click here.
Prices:
WTI for November delivery was little changed at $61.86 a barrel at 7:38 a.m. in Singapore.
Brent for December settlement closed 1% lower at $65.35 a barrel on Wednesday.
Source: Bloomberg
Oil prices slid for a third day in a row to a 16-week low on Wednesday as a U.S. government shutdown fed worries about the global economy, while traders expected more oil supply to come on the market ...
Oil prices stabilized on Wednesday (October 1) after two days of declines as investors considered OPEC+ plans for a larger production increase next month, while data from the US and Asia showed signs ...
Oil steadied after a two-day drop as OPEC+ may discuss fast-tracking its latest round of supply hikes when members gather this weekend. West Texas Intermediate traded near $62 a barrel, after fa...
Oil prices slipped on Tuesday as investors braced for a supply surplus due to potential OPEC+ plans for a larger output hike next month and the resumption of oil exports from Iraq's Kurdistan region v...
Oil prices plummeted on Tuesday (September 30th) ahead of an anticipated production increase by OPEC+ and as the resumption of oil exports from Iraq's Kurdistan Region via Turkey reinforced market exp...
Goldman Sachs remains very optimistic about gold. Recent inflows into gold-backed ETFs and retail investor interest have far exceeded their expectations, creating an "upside opportunity" to exceed their $4,000/oz (mid-2026) and $4,300/oz (late next...
The Japanese yen strengthened for the fifth straight day on Thursday, remaining near the two-week high reached the previous day as the US dollar weakened. Markets are increasingly accepting that the Bank of Japan will continue its policy...
Hong Kong's stock market rebounded after a one-day hiatus. Signs of stabilization in the property sector and gains in technology stocks boosted positive sentiment. As of 9:55 a.m. local time, the Hang Seng Index rose 1.3% to 27,191.99, and Hang...
Federal Reserve (Fed Bank of New York President John C. Williams hit the newswires on Monday, expressing his general cautiousness toward further...
Asia-Pacific markets opened mixed Wednesday, following gains on Wall Street ahead of a potential U.S. government shutdown as lawmakers continue to...
The U.S. on Monday cracked down on companies in China and other countries that use subsidiaries or other foreign affiliates to get around curbs on...
In a statement after the September policy meeting, the Reserve Bank of Australia said:
"With signs that private demand is recovering, indications...