OPEC’s crude production was steady last month as the group maintained a cautious strategy while global oil markets falter, a Bloomberg survey showed https://t.co/sq4SO7ueE7 ...

Core Insights - Crude oil and gasoline prices experienced an increase, supported by a positive economic outlook reflected in the S&P 500 reaching a new record high, which bolstered energy demand and crude prices [2] - OPEC+ announced a smaller-than-expected increase in crude production, which provided additional support for crude prices [4] - Mixed results were reported in the weekly EIA inventory report, with crude inventories rising more than anticipated while gasoline and distillate supplies fell more than expected [3] Group 1: OPEC+ Production Decisions - OPEC+ agreed to increase crude production by 137,000 barrels per day (bpd) starting in November, which was below market expectations of a 500,000 bpd increase [4] - The organization is working to reverse a previous production cut of 2.2 million bpd, with a total planned increase of 1.66 million bpd [4] - OPEC's September crude production rose by 400,000 bpd to 29.05 million bpd, marking the highest level in 2.5 years [4] Group 2: Market Reactions and Price Dynamics - Saudi Arabia's Aramco decided to keep the price of its main oil grade for Asian customers unchanged for November delivery, contrary to expectations of a price increase, indicating potential weakness in energy demand [5] - The dollar index reached a 1.75-month high, which limited gains in crude prices on the same day [2] Group 3: Geopolitical Factors Impacting Supply - Reduced crude production in Russia is contributing to higher oil prices, as the Kirishi oil refinery halted most production following a drone attack [6] - Ukrainian attacks on Russian refineries have significantly limited Russia's crude export capabilities, with refined-product flows dropping to 1.94 million bpd in early September, the lowest in over 3.25 years [6]

November WTI crude oil (CLX25) today is up +1.04 (+1.68%), and November RBOB gasoline (RBX25) is up +0.0187 (+0.99%). Crude oil and gasoline prices are moving higher today.  Today's rally in stocks shows confidence in the economic outlook that is supportive of energy demand and crude prices.  Crude prices also have carryover support from Sunday when OPEC+ agreed to a smaller-than-expected increase in its crude production levels.  Gains in crude are limited today as the dollar index (DXY00) rallied to a 1. ...

OPEC’s crude production climbed last month as Saudi Arabia finished the revival of an initial tranche of halted supplies, according to a Bloomberg survey https://t.co/YT9L00RCyV ...

OPEC’s crude production remained steady last month as a pullback by Saudi Arabia partly offset a further boost by the United Arab Emirates, according to a Bloomberg survey https://t.co/gJOgGPZ4kO ...

OPEC partly pushed back against reports that group leader Saudi Arabia surged crude production in June, with its latest monthly report indicating the kingdom may made only a modest increase https://t.co/ySBYa0FTQN ...