Crude Oil Prices Stabilise After Sharp Losses, Traders Eye OPEC+ Meeting

Crude oil prices were mostly unchanged in Asian trading on Wednesday. A fall in U.S. crude inventories helped calm markets after two days of heavy losses. Concerns had grown earlier this week that OPEC+ could raise production again in November, which put pressure on prices.

As of 21:48 ET (01:48 GMT), Brent oil futures for December delivery rose 0.2% to $66.15 per barrel, while West Texas Intermediate (WTI) crude gained 0.1% to $62.46 per barrel. Despite the slight gains, both benchmarks had already dropped more than 4% in the previous two sessions.

U.S. Crude Inventories Fall for Third Week

According to the American Petroleum Institute (API), U.S. crude stockpiles fell by 3.67 million barrels for the week ending September 26. This marked the third straight weekly decline, pointing to tighter supply and modest demand in the U.S. market.

However, gasoline and distillate inventories saw an increase of 1.3 million barrels and 3 million barrels, respectively. Analysts at ING said the data was somewhat supportive for crude oil but negative for refined products. The official U.S. government report from the Energy Information Administration is due later on Wednesday.

Focus on OPEC+ Meeting

The oil market is now looking ahead to the OPEC+ meeting scheduled for October 5. The group will decide production levels for November, and reports suggest that a larger increase could be on the table. Media outlets reported that OPEC+ was considering raising output by as much as 411,000 barrels per day, compared to the 137,000 barrels per day already planned for October.

Some reports even mentioned a possible 500,000 barrels per day increase, but OPEC+ dismissed these claims as inaccurate and misleading in a social media post.

Outlook for Crude Oil Prices

As per news reports, global oil markets could move into a surplus in the last quarter of 2025 and remain oversupplied until at least 2026. If supply keeps rising faster than demand, it could put long-term pressure on oil prices.

Read more: Stock Market Holiday: Are BSE and NSE Closed on Oct 2, 2025?

Conclusion

Oil prices managed to stabilize midweek after steep losses, supported by a drawdown in U.S. crude inventories. However, uncertainty remains high as traders await the outcome of the OPEC+ meeting, which could determine whether markets face further downward pressure in the coming months.

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