Singapore – Oil prices rose in trading on Wednesday, as markets await decisions from the “OPEC+” alliance regarding a potential increase in crude production for the upcoming month, in addition to monitoring the repercussions of a potential government shutdown in the United States and its potential impact on economic activity and energy demand.
Brent crude futures rose 0.4% to $66.30 a barrel, and U.S. West Texas Intermediate crude also climbed by a similar percentage to $62.63 a barrel.
In this context, the “OPEC+” alliance is expected at its upcoming meeting to approve an oil production increase of up to 500,000 barrels per day for the upcoming month of November. This is equivalent to three times the increase adopted last October, as part of the Kingdom of Saudi Arabia’s effort to restore its market share and achieve a balance between supply and demand in the global market.