FX.co ★ Oil Steady After Two-Day Decline

West Texas Intermediate (WTI) crude oil futures stabilized at approximately $62 per barrel on Wednesday following a two-day decline. This steadiness came as traders assessed the possibility of OPEC+ expediting its next batch of supply increases amidst expectations of reduced US crude inventories. Data from the American Petroleum Institute (API) indicating a 3.7 million-barrel decrease in US crude stockpiles last week helped mitigate the downward pressure on prices. Reports have surfaced suggesting that eight OPEC+ members are contemplating a production increase ranging from 274,000 to 411,000 barrels per day for November. However, the cartel has refuted media claims of a 500,000 barrels per day surge. The market continues to contend with wider uncertainties, such as geopolitical tensions and developments within the US. President Trump managed to secure the support of Israeli Prime Minister Netanyahu for a peace plan concerning Gaza, although the stance of Hamas remains unclear. Additionally, apprehensions about a potential US government shutdown have further contributed to risks affecting demand.