Although the gains were constrained by ongoing demand concerns, oil prices increased somewhat after falling to multi-month lows earlier because major producers may postpone an output rise scheduled for next month and because U.S. stocks decreased.
November Brent crude futures saw a 0.1% increase, or 15 cents, to $72.85, following a 1.4% decline to the lowest closing since June 27, 2023 in the previous session. October settlement prices for U.S. West Texas Intermediate oil futures were up 15 cents, or 0.22%, to $69.35, following a 1.6% decline on Wednesday to the lowest level since December 11.
Four sources within the producer state that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, led by Russia, are discussing delaying their October oil output increase due to the falling prices.
However, weakening Chinese demand and the possible resolution of the disagreement that was stopping Libyan deliveries have forced the group to reevaluate.
