Oil prices rebounded on Wednesday, rising more than 2% following unexpected declines in U.S. crude and gasoline inventories. Brent crude futures settled up $1.43, or 2.01%, at $72.55 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.40, or 2.08%, to $68.61. The Energy Information Administration reported that U.S. gasoline stockpiles fell to a two-year low amid increased demand, while crude inventories also saw a surprise drawdown due to slipping imports from major suppliers, including Saudi Arabia.
Analysts noted that OPEC+ might delay a planned oil output increase set for December, citing concerns over soft demand and rising supply. “OPEC+ has always advised that the unwinding of voluntary supply cuts would be subject to market conditions,” said Harry Tchilinguirian, head of research at Onyx Capital Group. A decision on whether to postpone the increase could come as early as next week, with the group scheduled to meet on December 1 to reassess its policy.