Oil prices stabilized in Asian trading on Thursday after plunging to near four-month lows, as traders weighed a larger-than-expected build in U.S. crude inventories and speculation that OPEC+ may raise production again next month.
As of 9:52 p.m. ET, December Brent futures rose 0.5% to $65.67 per barrel, while WTI gained 0.5% to $62.09 per barrel. Both benchmarks are still down roughly 7% for the week, pressured by fears of oversupply and slowing global demand.
U.S. Inventories Rise More Than Expected
The U.S. Energy Information Administration (EIA) reported a 1.8 million-barrel increase in crude stocks for the week ended September 26, surpassing forecasts of a 1.5 million-barrel rise. Gasoline and distillate inventories also climbed, signaling weakening demand and reduced refinery throughput. Analysts said refinery maintenance and softer margins could limit near-term production.
OPEC+ Meeting in Focus
Attention now turns to the October 5 OPEC+ meeting, where producers may discuss raising output by as much as 500,000 barrels per day for November. The group previously agreed to a modest 137,000 bpd increase for October. Any further expansion could deepen market worries over excess supply.
Meanwhile, the ongoing U.S. government shutdown adds uncertainty, potentially delaying key economic reports such as nonfarm payrolls and inflation data — both critical for gauging energy demand.