Oil steadies as US-China meeting comes into focus

Group 1 - Oil prices stabilized as investors balanced optimism from the upcoming U.S.-China leaders' meeting against anticipated production increases from OPEC+ [1][5] - Brent crude futures rose by 11 cents to $64.51 per barrel, while U.S. West Texas Intermediate crude futures increased by 6 cents to $60.21 [1] - A decrease in U.S. crude and fuel inventories provided support for prices, with crude stocks falling by 4.02 million barrels for the week ending October 24 [3][4] Group 2 - Gasoline inventories decreased by 6.35 million barrels, and distillate inventories fell by 4.36 million barrels from the previous week [4] - The American Petroleum Institute's report indicated significant draws for crude and refined products, contributing to modest price support [4] - OPEC+ is considering a modest output increase in December, with discussions suggesting an additional 137,000 barrels per day [6]