Brent crude (OIL) futures are once again bouncing off resistance around $65.50 per barrel following media reports that OPEC+ plans another, albeit modest, production increase at its upcoming meeting on Sunday, November 2.
According to the latest Bloomberg report citing two delegates from the cartel, OPEC+ intends to vote on raising production by an additional 137,000 barrels per day. While the base scenario assumes restoring output to around 1.66 million barrels per day, there is still no consensus on the pace of further expansion.
Some delegates note that the outcome of trade negotiations between the U.S., China, and India — where sanctions on Russian energy imports are a key issue — may also influence the final decision. Nevertheless, Riyadh continues to emphasize the need to rebuild the cartel’s market share in response to rising U.S. oil output, making a change in OPEC+ strategy unlikely as long as prices remain above $60 per barrel.
The OIL contract is consolidating today just below the lower boundary of the buffer zone between $65.5 and $66.5. Source: xStation5
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