Oil takes breather after run of losses ahead of OPEC+ meeting

Oil steadied after tumbling almost 7% this week ahead of an OPEC+ meeting on the weekend that’s likely to see the return of more idled supply, exacerbating concerns about a global glut.

Brent traded below $66 a barrel and West Texas Intermediate was near $62.

On Wednesday, the Energy Information Administration reported US crude stockpiles rose for the first time in three weeks, while gasoline inventories swelled the most since June.

Refinery runs also fell, likely due to maintenance.

The Organisation of the Petroleum Exporting Countries and its allies are poised to agree to a output increase for November when the group meets on Sunday, despite widespread expectations for a looming surplus.

Some Wall Street banks are predicting Brent will drop to the $50s-a-barrel range next year.

Meanwhile, Turkey’s Ceyhan oil export terminal is scheduled to load its first cargo from Iraq’s Kurdish region since 2023 after a deal was reached last month to allow flows to resume, adding even more supply to the market.