Following a 7% Decline.. Oil Prices Stabilize

SadaNews - Oil prices stabilized after falling by around 7% this week ahead of the planned "OPEC+" meeting at the end of the week, which may witness a return of more supplies to the market, amid expectations of an oversupply situation.

Brent crude traded below $66 per barrel, while West Texas Intermediate was near $62.

The U.S. Energy Information Administration reported on Wednesday an increase in U.S. crude oil inventories for the first time in three weeks, while gasoline stocks surged at the largest pace since June. Refinery utilization rates also declined, likely due to maintenance work.

The "OPEC+" alliance is expected to agree during its Sunday meeting to increase production for November, as forecasts indicate an impending surplus. Some banks on Wall Street predict that Brent crude will drop to the range of $50 per barrel next year.

At the same time, Turkey's Ceyhan port is set to witness the loading of the first oil shipment from the Kurdistan region of Iraq since 2023, following an agreement last month to resume flows, adding more supplies to the market.