Oil prices ticked higher on Wednesday after OPEC+ opted for a smaller-than-expected output increase, easing market worries about oversupply in the coming months.
By 5:00 a.m. WAT, Brent crude futures climbed 48 cents, or 0.7%, to $65.93 per barrel, while U.S. West Texas Intermediate (WTI) rose 51 cents, or 0.8%, to $62.24.
The move followed OPEC+’s weekend decision to boost production by just 137,000 barrels per day in November, the lowest option considered by the alliance. The restrained approach signaled that the group remains cautious amid uncertain demand forecasts and ongoing global supply pressures.
Oil benchmarks had settled largely flat in the previous session, as traders balanced signs of a growing supply glut against the cartel’s smaller-than-expected output rise.
Despite those concerns, prices are currently supported by traders maintaining long positions, betting that continued restrictions on Russian crude exports will tighten global supplies.
Market participants are now turning their attention to U.S. Energy Information Administration (EIA) data due later on Wednesday, which is expected to offer fresh insight into inventory levels and short-term demand trends.
Meanwhile, in related commodities news, gold surpassed $4,000 per ounce for the first time in 2025, underscoring heightened investor interest in safe-haven assets.
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