Petroleum prices climbed by over 1% on Wednesday, helped by a smaller-than-expected output hike from the Organization of the Petroleum Exporting Countries and their allies (OPEC+) next month, though concerns about oversupply capped further gains.
Brent crude futures rose 78 cents, or 1.19%, to $66.23 U.S. a barrel. U.S. West Texas Intermediate crude climbed 82 cents, or 1.33%, to $62.55.
The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from OPEC+.
OPEC+ agreed to raise its output targets for November by 137,000 barrels per day (bpd) for November on growing concerns about a looming glut in the oil market, sources from the group told Reuters.
Goldman Sachs said it saw an inventory build of 1.5 million bpd in the last quarter despite strong seasonal demand. The bank expects a surplus of two million bpd over the period from Q4 2025 to Q4 2026.
Investors are also awaiting U.S. inventory data from the Energy Information Administration later on Wednesday.
On Tuesday, sources citing American Petroleum Institute figures said U.S. crude stocks rose by 2.78 million barrels in the week ended October 3.
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