Petroleum prices steadied on Wednesday after falling for two days as investors weighed plans by the Organization of the Petroleum Exporting Countries and their allies (OPEC+) for a larger output hike next month while data from the U.S. and Asia showed signs of demand waning.
Brent crude futures for December delivery rose six cents to $66.09 U.S. a barrel overnight Wednesday U.S. West Texas Intermediate crude gained four cents to $62.41 a barrel.
OPEC+ could reportedly agree to raise oil production by up to 500,000 barrels per day (bpd) in November, triple the increase made for October, as Saudi Arabia seeks to reclaim market share.
However, OPEC wrote in a post on X that media reports of plans to raise output by 500,000 bpd were misleading.
In the latest update on attacks on Russian energy infrastructure from Ukraine, Russia has imposed a partial ban on diesel exports and extended an existing gasoline export ban until the end of the year, the government said on Tuesday.
Meanwhile in the U.S., an industry report showed U.S. crude stockpiles fell while gasoline and distillate inventories rose in the week ended September 26, according to market sources citing American Petroleum Institute estimates on Tuesday.
The U.S. government shut down much of its operations on Wednesday as deep partisan divisions prevented Congress and the White House from reaching a funding deal - which government agencies have warned would halt the release of a closely watched September employment report, amongst other things.
