On Wednesday, 30 October, oil prices remained at their lowest level in the last month after two days of falling. Investors are assessing the possibility of a ceasefire between Israel and Hezbollah and an increase in supplies from OPEC+, enkorr reports.
In particular, Brent crude rose by 38 cents (0.5%) to reach $71.50 per barrel. Futures for US West Texas Intermediate (WTI) rose by 43 cents (0.6%) to $67.64 per barrel.
According to Reuters, prices fell for two consecutive sessions after Axios reported that Israeli Prime Minister Benjamin Netanyahu may meet with key ministers and the military to discuss a peaceful resolution to the conflict in Lebanon. Israeli and US officials have suggested that a cessation of hostilities could be reached within weeks, reducing risks to the oil market, said IG market strategist Yeap Jun Rong.
Meanwhile, OPEC+ plans to increase production by 180,000 barrels per day in December. So far, the group has reduced production by 5.86 million barrels per day, which is about 5.7% of global oil demand.
Last week, crude oil and fuel stocks in the United States declined, according to the American Petroleum Institute. Crude oil stocks fell by 573,000 barrels, gasoline by 282,000 barrels, and distillate stocks by 1.46 million barrels. This contradicts the forecasts of nine analysts polled by Reuters, who had expected an increase of 2.2 million barrels.
