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Investing.com-- Oil prices rose in Asian trade on Wednesday as traders assessed a mixed U.S. inventories report and kept their focus on the broader supply outlook, with a modest OPEC+ output hike scheduled for November.
As of 22:11 ET (02:11 GMT), Brent Oil Futures expiring in December rose 0.7% to $65.91 per barrel, while West Texas Intermediate (WTI) crude futures climbed 0.8% to $62.23 per barrel.
Both contracts ended largely flat in the previous session after large swings.
US crude stocks rise, gasoline inventories decline - API
U.S. crude inventories rose by about 2.78 million barrels in the week ended Oct. 4, surpassing the forecasted increase of 2.25 million barrels, according to American Petroleum Institute (API) figures.
The latest data shows a reversal from the previous week when the API reported a decline of 3.674 million barrels. This implies weaker demand, which is generally bearish for crude prices.
Gasoline and distillate stocks declined by 1.3 million and 1.8 million barrels, respectively, indicating steady fuel demand even as refinery runs slowed with the onset of seasonal maintenance.
Traders are awaiting the U.S. Energy Information Administration’s (EIA) official inventory data later on Wednesday for confirmation.
Traders assess OPEC+ hike decision, US production outlook
The price gains came against the backdrop of lingering oversupply worries. OPEC+ producers agreed last week to raise output by a modest 137,000 barrels per day in November, matching their increase for October.
The decision was widely viewed as a cautious move to maintain market stability while gradually reclaiming market share.
Meanwhile, non-OPEC producers, led by the United States, continue to pump near record levels, while demand growth has shown signs of softening.
The EIA on Tuesday revised its U.S. oil production outlook for 2025 to a record 13.53 million barrels per day, up from 13.44 million previously. The agency attributed the increase to stronger-than-expected output from the Gulf of Mexico and the Permian Basin.
The EIA also warned that rising crude inventories could weigh on prices through year-end.