Brent crude futures were up $1.81, or 2.5%, at $72.93 a barrel by 11:30 a.m. EDT (1530 GMT), after falling more than 6% earlier in the week on fears of a wider Middle East war. US West Texas Intermediate crude rose $1.85, or 2.8%, to $69.06.
U.S. gasoline stockpiles unexpectedly fell to a two-year low last week on strong demand, the Energy Information Administration said, while crude inventories also fell surprisingly as imports fell.
US crude oil imports from Saudi Arabia last week fell to their lowest level since January 2021, falling to just 13,000 bpd from 150,000 bpd the previous week. Crude imports from Canada, Iraq, Colombia, Brazil fell in the week, the EIA said.
“The most supportive element was a picture of gasoline inventories amid higher implied demand week-over-week; lower imports helped crude inventories draw marginally,” Kepler analyst Matt Smith said.
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Reuters reported that OPEC+, which comprises a group of allies such as the Organization of the Petroleum Exporting Countries and Russia, could delay oil output planned for December by a month or more due to concerns about softer oil demand and rising supplies.
“OPEC+ has always advised that voluntary supply cuts will be subject to market conditions,” said Harry Chilingurian, head of research at Onyx Capital Group.
The group will increase production by 180,000 barrels per day (bpd) in December. OPEC+ cut production by 5.86 million bpd, equivalent to about 5.7% of global oil demand.
A decision to postpone the hike could come as early as next week, two OPEC+ sources told Reuters.
“That they may reconsider the timing of their barrel returns is not surprising given the weak macroeconomic realities, particularly in China, which have led to a lower revision to global demand growth estimates.”
OPEC+ is due to meet on December 1 to decide its next policy steps.
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