DTN Oil Update
Oil Edges Up as OPEC+ Pauses Output Hikes
SECAUCUS, N.J. (DTN) -- Oil futures edged up Monday, Nov. 3, following OPEC+'s decision to pause planned production hikes for the first quarter of 2026.
The NYMEX WTI futures contract for December delivery settled up $0.07 at $60.98 bbl. ICE Brent for December delivery closed up $0.12 at $64.89 bbl.
The front-month ULSD futures climbed by $0.0049 to $2.4035 gallon while November RBOB gasoline futures $0.0142 to $1.9150 gallon.
The U.S. Dollar Index rose 0.8 points to 99.71 against a basket of foreign currencies, after hitting a late July high of 100.02.
Eight OPEC+ countries -- Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- said they will increase production by 137,000 barrels per day in December, continuing gradual rollback of voluntary output cuts of 1.65 million bpd first announced in April 2023.
However, OPEC+ said it will not increase crude exports from January to March 2026, and that future output will be decided by market conditions.
Oil prices have fallen for three consecutive months since the end of July on rising global supply. Brent is down 15% year-to-date and under the key $65 bbl mark.
Global supply pressures have been driven by Energy Information Administration data showing record U.S. oil production of 13.8 million bpd in August, and the International Energy Agency's projection of a potential surplus of 4 million bbl in 2026.
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