West Texas Intermediate (WTI) crude futures on NYMEX managed to hold support near $62 in Wednesday’s Asian session after falling nearly 4.4% in the last two days. Prices found somerelief as OPEC+ dismissed speculation aboutmajor jump in oil production at its upcoming Sunday meeting.
- Crude Oil prices fall 1% as Iraq resumes Kurdish exports
- WTI drifts lower to near $63.50 amid US demand concerns
- From October, the Oil production will be increased by 137,000 bpd.
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- Potential US government shutdown has raised concerns over the Oil demand outlook.
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OPEC+ Rejects Supply Surge Reports
A Bloomberg report on Tuesday suggested that the oil cartel may speed up its plan to roll back production cuts by raising output by 500,000 barrels per day from November. This pace would be almost four times faster than the current planned increase of 137,000 barrels starting in October. Such a sharp supply boost would normally put pressure on oil prices.
US Government Shutdown
Adding to the uncertainty, the risk of a US government shutdown is also weighing on crude oil demand. A potential closure could slow public spending and reduce overall energy consumption. So far, Republicans and Democrats have failed to agree on a stopgap funding bill.
For traders and investors, the next key trigger will be the US EIA crude oil inventory data, due at 14:30 GMT on Wednesday, which may set the tone for short-term price movement.