Oil prices were little changed on Tuesday. Because oil production is expected to suffer due to strong supply prospects and rising tensions in the Middle East. Brent crude futures for December delivery were up 7 cents, or 0.1%, at $71.77 a barrel. West Texas Intermediate crude futures for November delivery were up 8 cents, or 0.12%, at $68.25.
On Monday, Brent futures fell 9% in September, ending its third monthly decline and the biggest monthly drop since November 2022. It fell 17% in the third quarter for its biggest quarterly loss in a year. WTI fell 7% last month and is down 16% for the quarter.
Along with demand concerns, OPEC+, a grouping of OPEC members and allies such as Russia, is scheduled to raise production by 180,000 barrels per day in December. Meanwhile, tensions in the Middle East remain on the radar, but supply fears now appear relatively contained.
In the US, crude oil and fuel stockpiles are expected to have fallen by about 2.1 million barrels last week in the week to September 27.
