Oil prices steady as market weighs OPEC+ output plans

October 01, 2025 (MLN): Oil prices held steady in early trade Wednesday after two straight sessions of losses, as traders weighed reports of a possible OPEC+ production hike against signs of declining U.S. crude inventories.

Brent crude futures decreased by $0.3, or 0.45%, to $65.73 per barrel. 

West Texas Intermediate (WTI) crude futures fell by $0.4, or 0.64%, to $61.9 per barrel by [2:17pm] PST.

A larger-than-expected draw in U.S. crude stocks, however, helped cushion further losses. According to market sources citing American Petroleum Institute data, crude inventories dropped by 3.67m barrels for the week ending September 26.

At the same time, gasoline inventories rose by 1.3m barrels and distillate stocks increased by 3m barrels.

Attention is now on OPEC+, which is discussing a potential output increase for November. Three sources familiar with the talks said the group could raise production by up to 500,000 barrels per day (bpd) triple the October hike as Saudi Arabia seeks to bolster market share.

Two sources said the likely range is between 274,000 and 411,000 bpd, while a third suggested the increase could reach 500,000 bpd, according to CNBC.

However, OPEC pushed back against media reports, writing on X that claims of a 500,000 bpd increase were “misleading.”

Separately, in U.S. diplomacy, President Donald Trump secured support from Israeli Prime Minister Benjamin Netanyahu for a Washington-backed peace proposal for Gaza, though it remains unclear how Hamas will respond.

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