DTN Oil Update
Oil Holds Modest Gains After Morning Rally
DAVENPORT, Fla. (DTN) -- Oil prices ended slightly higher on Monday, following a morning rebound sparked by OPEC+ agreeing to its smallest monthly output increase since the group began easing production cuts. Gains were modest compared with the morning session, reflecting cautious sentiment amid ongoing geopolitical risks.
WTI for October delivery settled at $62.35 bbl, down from a morning high near $62.97, gaining $0.48 on the day. ICE Brent for November delivery ended at $66.10 bbl, up $0.60 but below the earlier $66.70 mark. ULSD rose to $2.3157 gallon, gaining $0.0287, while RBOB gasoline edged lower, settling at $1.9589 gallon, down $0.0053.
The U.S. Dollar Index fell 0.233 points to 97.495, supporting crude prices modestly.
OPEC+ raised October production by 137,000 bpd, which is far smaller than prior monthly increases, signaling a measured approach to regaining market share. In addition, geopolitical concerns remain, with potential new U.S. sanctions on Russia and buyers of Russian oil, alongside Europe's ongoing sanctions efforts.
Market participants will now focus on Thursday's OPEC monthly report and upcoming U.S. EIA and IEA data for further guidance on global supply, demand and inventory trends.
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