Oil Slips on OPEC+ Supply Jitters and Swelling US Inventories

Group 1 - Oil prices have fallen for three consecutive days as traders consider the potential for OPEC+ to accelerate production increases, leading to concerns of oversupply in the market [1] - Brent crude for December is trading near $65 per barrel, having dropped nearly 5% over the past two days [1] - OPEC+ is expected to discuss the possibility of increasing output by 500,000 barrels per day in three monthly installments, although OPEC has denied this is on the agenda [1] Group 2 - Benchmark Middle Eastern crude prices are under pressure due to the expectation of higher supplies, contributing to a bearish sentiment in the market [2] - Crude oil experienced a consecutive monthly decline in September, driven by OPEC+ supply hikes that raised expectations of global output exceeding demand [4] - The International Energy Agency has forecasted a record surplus in oil supply for the next year [4] Group 3 - Analysts from Macquarie have indicated that near-term oil supply balances appear more bearish than previously thought, with sentiment shifting towards expectations of oversupply despite nominal supply increases falling short [5] - A mixed report from the US industry showed a decrease in nationwide oil holdings by 3.7 million barrels, while inventories of gasoline and distillates increased [6]