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.
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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
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