Oil prices edged higher on Wednesday as investors shrugged off oversupply fears and the decision by OPEC+ to scale back production increases next month.
Brent crude futures rose by 48 cents, or 0.7%, to $65.93 per barrel at 5:00 a.m. WAT, while U.S. West Texas Intermediate (WTI) crude climbed 51 cents, or 0.8%, to $62.24 per barrel.
OPEC+ had earlier agreed to a modest output increase of 137,000 barrels per day—the lowest among the options discussed during the group’s weekend meeting.
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Both crude benchmarks closed largely flat in the previous session as investors weighed signs of a potential supply glut against OPEC+’s smaller-than-expected production hike for November.
Analysts said prices are currently supported by traders maintaining long positions, betting on sustained efforts to restrict Russian crude flows.
Meanwhile, investors are also awaiting U.S. inventory data from the Energy Information Administration (EIA), expected later on Wednesday, for further direction in the market.
