Oil prices slipped on Thursday as expectations grew that the Organization of the Petroleum Exporting Countries (OPEC) and its allies may raise output at their meeting this weekend, while a surprise increase in US crude inventories added to oversupply concerns.
Brent crude traded at $66.75 per barrel, down 0.8% from the previous close of $67.27. US benchmark West Texas Intermediate (WTI) also fell 0.8% to $63.02 per barrel from $63.54 in the prior session.
Key OPEC+ members, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, are set to meet on Sunday to review October production levels. The group had already boosted output by 547,000 barrels per day in September, fueling expectations of further increases next month and weighing on market sentiment.
Adding to the bearish outlook, the American Petroleum Institute reported on Tuesday that US crude stockpiles rose by 622,000 barrels last week, against market forecasts of a 3.4-million-barrel draw. The build signaled weakening demand in the world’s top oil consumer. Official data from the US Energy Information Administration was expected later on Thursday.
Meanwhile, diplomatic developments surrounding the Russia-Ukraine conflict also influenced market dynamics. US President Donald Trump reaffirmed his commitment to brokering peace between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy, though he noted both sides were “not ready yet” for a deal.
Analysts noted that easing geopolitical risks in Eastern Europe could temper supply fears, further contributing to price softness.
Trump also commented on global relations, referencing a ceremony in China marking the 80th anniversary of the end of World War II, which was attended by Putin and Indian Prime Minister Narendra Modi. He described the event as “impressive” but suggested the US was deliberately excluded, adding that his relationships with the leaders of China, India, and Russia remain strong.
 and....){kind=link}