DTN Oil Update
Oil Futures Edge Up, Still Set for Monthly Loss
SECAUCUS, N.J. (DTN) -- Oil futures edged higher Friday, Oct. 31, morning but were still set to finish October down for a third consecutive month.
The NYMEX WTI contract for December delivery rose $0.23 to $60.80 bbl. ICE Brent for December delivery climbed $0.13 to $65.13 bbl.
For October, WTI was on track to a loss of 2.7%, following the 2.6% slide in September and 7.6% in August. Brent showed a drop of 4.3% for the current month, after prior monthly losses of 1.6% and 6.1%.
Front-month ULSD futures eased by $0.0272 to $2.4328 gallon while November RBOB gasoline futures slipped $0.0094 to $1.994 gallon.
The U.S. Dollar Index rose 0.117 points to 99.47 against a basket of foreign currencies.
Crude prices have been under pressure since August amid higher output by the United States and the Organization of the Petroleum Exporting Countries. OPEC is due to hold a meeting this weekend where it could agree to another round of production hikes.
The International Energy Agency has warned that oversupplies could reach a record 4 million barrels by next year.
Brent at $65 bbl or just under is about 16% lower than its $77 bbl level at the end of 2024.
In earnings, ExxonMobil reported on Friday a 12% drop in third-quarter net profit from a year ago, citing record oil production in the Permian basin and Guyana that were offset by weaker crude prices, chemical margins and growth costs, the company said in its earnings release.
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