Oil prices edged higher after reaching multi-month lows as major producers considered delaying an output increase, and U.S. crude inventories showed a sharp decline. Brent crude futures for November increased by 35 cents (0.48%) to $73.05 per barrel, while U.S. West Texas Intermediate (WTI) futures for October rose by 35 cents (0.51%) to $69.55.
The potential postponement of OPEC+’s planned 180,000 barrels-per-day production increase, scheduled for October, follows weak Chinese demand and a possible resolution to a dispute halting Libyan exports. In addition, data from the American Petroleum Institute (API) revealed a significant drop in U.S. crude inventories, which further supported prices.
Despite these gains, concerns over weakening demand in China, the world’s largest oil importer, kept prices in check. Chinese manufacturing data showed a downturn, impacting market confidence.