Oil Prices Fall for a Third Straight Month as OPEC+ Considers Boosting Output

Core Insights - Weak factory activity in China, a stronger U.S. dollar, and OPEC+'s potential production increase are driving oil prices lower, marking a trend towards a third consecutive monthly decline [1][2] - Current oil prices are Brent crude at $64.61 per barrel and West Texas Intermediate at $60.16 per barrel, down from over $67 and $62 respectively at the end of September [1] - The market is closely monitoring the upcoming OPEC+ meeting for discussions on output policy, with potential for a 137,000-barrel per day production boost in December [2] Industry Analysis - U.S. crude output reached 13.6 million barrels per day as of the week ending October 24, contributing to downward pressure on oil prices alongside rising non-OPEC supply [3] - China's factory activity shrank more than expected in October, with a PMI reading of 49, indicating contraction, which has offset any bullish effects from potential U.S. energy purchases by China [4] - The market remains skeptical about significant losses in Russian oil supply due to U.S. sanctions, as recent discussions between U.S. and Chinese leaders did not address Russian oil flows [5]