FX.co ★ Brent Steady After Two-Day Decline

Brent crude oil futures steadied around $66 per barrel on Wednesday following a dip over the past two days. Traders are assessing whether OPEC+ might expedite its next phase of supply increases in light of anticipated reductions in US crude inventories. Data from the American Petroleum Institute (API) indicated a 3.7 million-barrel drop in US crude stocks last week, which has helped mitigate the downward pressure on prices. Reports suggested that eight OPEC+ members are contemplating a production rise ranging from 274,000 to 411,000 barrels per day (bpd) for November, though the coalition later refuted media reports of an anticipated increase of 500,000 bpd. Markets are also navigating broader uncertainties, such as geopolitical tensions and developments within the US. President Trump received the support of Israeli Prime Minister Netanyahu for a peace initiative concerning Gaza, although Hamas's position remains unclear, while potential risks of a US government shutdown have exacerbated concerns over demand.