DTN Oil Update

Barani Krishnan
DTN Refined Fuels Market Reporter

SECAUCUS, N.J. (DTN) -- Oil futures edged up Monday, Nov. 3, morning after OPEC+ decided to pause its planned production hikes for the first quarter of 2026. A two-month high in the dollar also weighed on bearish sentiment.

The NYMEX WTI futures contract for December delivery edged up $0.13 to $60.98 bbl. ICE Brent for December delivery was up $0.16 to $64.93 bbl. The front-month ULSD futures eased by $0.0083 to $2.4069 gallon while November RBOB gasoline futures slipped $0.0108 to $1.9116 gallon.

The U.S. Dollar Index rose 0.155 points to an end-July high of 99.79 against a basket of foreign currencies.

In a joint statement, the eight key OPEC+ oil-producing countries -- Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman -- said that they would implement a production adjustment of 137,000 bpd in December 2025, from 1.65 million bpd in voluntary cuts first announced in April 2023. This adjustment follows prior increments announced for October and November.

Further output decisions would be based on evolving market conditions, the statement said.

Oil prices have been under pressure since August due to growing output, with Brent down 15% on the year.

In October, the International Energy Agency projected a potential record 4 million bbl supply glut in 2026.

Meanwhile, the Energy Information Administration said on Friday that U.S. crude oil output rose to a record 13.8 million bpd in August.