Crude oil prices steadied on Thursday following three straight sessions of decline, with traders maintaining a cautious stance ahead of key geopolitical and energy market events.
Brent crude slipped slightly below $65 a barrel after a modest gain on Wednesday, while West Texas Intermediate (WTI) hovered near $60 per barrel.
Market participants are closely watching the planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping, set to take place in South Korea, which could have implications for global trade flows and energy demand.
Attention is also turning to the OPEC+ meeting scheduled for November 2, where member countries are expected to review supply strategies amid concerns of oversupply in the global oil market.
Crude oil prices are currently on track for their third consecutive monthly decline, reflecting ongoing pressure from expectations that global production could continue to exceed demand.
Rising output from OPEC+ nations and competing producers has contributed to this trend. The International Energy Agency (IEA) recently cautioned that the global surplus could reach record levels by 2026 if current trends persist.
Read More: Indian Refiners Turn To New Suppliers As Russian Oil Sanctions Bite.
With both the Trump–Xi summit and OPEC+ deliberations approaching, volatility in crude markets could increase in the near term. Traders are likely to watch for signals on trade policy, energy cooperation, and production targets, all of which could influence price direction heading into November.
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Published on: Oct 30, 2025, 10:31 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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