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2025-10-29 11:36:55
Oil prices continued their decline on Wednesday, pressured by concerns over potential OPEC+ production increases. 1. Oil prices continued their downward trend after three consecutive days of losses. Although prices were briefly boosted by news of an unexpected drop in US crude oil inventories, investor concerns about Russian sanctions and potential OPEC+ production increases continued to weigh on prices. WTI crude is currently trading at $66.06 per barrel, down about 0.15%; Brent crude is currently trading at $63.73 per barrel, down about 1.9%. 2. According to data from the American Petroleum Institute (API), US crude oil inventories fell by 4.02 million barrels last week, gasoline inventories fell by 6.35 million barrels, and distillate fuel inventories fell by 4.36 million barrels. This inventory decline exceeded expectations and briefly fueled the rebound in the previous trading day. 3. Priyanka Sachdeva, senior market analyst at Phillip Nova, said that the unexpected decrease in US inventories supported oil prices in early trading today, but sanctions risks and OPEC+ dynamics are dominating the market. She emphasized that while sanctions and supply issues have become the focus, weak demand and spare capacity still limit upside potential. Oil prices recorded their biggest weekly gain since June last week after Trump imposed sanctions on Russian oil companies for the first time during his second term, but overnight both major benchmark crude futures fell 1.9%. 4. The Kremlin responded that Russia provides high-quality, low-cost energy, and partners can decide for themselves which to purchase. Industry insiders revealed that several Indian refiners have suspended new orders for Russian oil and are turning to the spot market for alternatives, but Indian Oil Corporation stated that it will continue to purchase as long as sanctions are complied with. The German Economy Minister stated that the US has assured that Russian oil operations in Germany will not be affected. 5. Four sources familiar with the matter revealed that OPEC+ is inclined to increase production slightly in December, possibly by 137,000 barrels per day. Analysts pointed out that the Fed's interest rate decision and the meeting between Chinese and American leaders in the second half of the week may boost market sentiment.
