FX.co ★ Brent Prices Hold Gains

Brent crude oil futures remained stable at approximately $65.50 per barrel on Tuesday, following a gain of over 1% in the prior session. This increase comes after OPEC+ announced a smaller-than-anticipated production hike. The group plans to augment output by 137,000 barrels per day in November, mirroring October's increase. Market analysts interpret this as a cautious approach, especially amid ongoing concerns about market oversupply. Contributing to the global supply are rising Venezuelan exports, the resumed flow of Kurdish crude through Turkey, and unsold Middle Eastern barrels scheduled for November loading. Additionally, disruptions from Russia are influencing prices. Ukraine's recent attack on Russia's Kirishi oil refinery halted its most productive unit, necessitating repairs that could extend for a month, thereby constricting regional supply temporarily. However, the market’s potential for growth remains limited by expected weak demand fundamentals for the fourth quarter.