After a surge of sales throughout the night, oil prices steadied in early trading on Thursday as traders evaluate low demand and a likely delay of a scheduled entrance of greater supplies into the market next month.
Falling 1.42 percent in the previous session, Brent crude futures for November were up 9 cents, or 0.12 percent, at $72.79 by 0002 GMT. Having dropped 1.62 percent on Wednesday, U.S. West Texas Intermediate (WTI) crude futures for October delivery were up 12 cents, or 0.17 percent, at $69.32.
At settlement on Wednesday, both crues dropped one dollar.
After oil prices dropped to a nine-month low on September 3, four OPEC+ sources told Reuters on Wednesday that the cartel is debating deferring an increase in oil production set for October.
Under a strategy to progressively undo the most recent cuts of 2.2 million barrels per day, the Organisation of the Petroleum Exporting Countries and its allies—led by Russia—last week seemed ready to go with a production boost of 180,000 barrels daily in October.
But combined with sluggish Chinese demand and the conclusion of a conflict upsetting Libyan shipments, the firm is reevaluating.
U.S. crude oil and fuel inventories dropped last week, according American Petroleum Institute data.
Compared to analysts’ projections in a Reuters poll expecting a drop of one million barrels, the American Petroleum Institute estimates indicated that crude inventories dropped by 7.431 million barrels in the week to August 30.
The Energy Information Administration’s weekly US oil inventory report, which will be released on Thursday at 1430 GMT, is much awaited on the market.
