Crude oil futures are settling up $0.40 or 0.66% and $60.88. The gains come in ahead of expectations OPEC will increase production.
OPEC+ is widely expected to increase production, but the size of the hike is still being debated. Reports suggest the group may raise output in November by anywhere from ~140,000 barrels per day (Goldman Sachs estimate) to as much as 274,000–411,000 bpd. In September, OPEC already lifted production by about 330,000 bpd as it continues unwinding earlier cuts. Saudi Arabia is said to be pushing for more aggressive increases to regain market share, while Russia is taking a more cautious stance, wary of pushing prices too low amid sanctions pressure.
The price this week fell -6.61% on a decline of -$4.31. That is the largest weekly decline since June 23.
Technically, the price is closing below a swing area range between $61.45 and $61.94 dating back to August 13 (see yellow area on the chart below). It would take a move back above that area to give buyers a win, and give sellers some cause for pause.
Baker Hughes oil rig count fell -2 to 422. Natural gas was up 1 to 118.
