Oil prices increased on Wednesday due to soaring supply-side concerns fueled by anticipated supply cuts by OPEC+ producers.
International benchmark Brent crude traded at $91.98 per barrel at 09.56 a.m. local time (0656 GMT) for a 0.20% gain from the closing price of $91.80 a barrel in the previous trading session.
American benchmark West Texas Intermediate (WTI), trading at $86.59 per barrel at the same time, increased 0.08% after the previous session closed at $86.52 a barrel.
Investors are now awaiting the outcome of the OPEC+ meeting on Wednesday, when the group is expected to trim output in November in line with its demand forecast.
According to international media, the group is considering a cut of up to 2 million barrels per day (bpd), even larger than first thought.
Experts believe that a reduction in output on this scale would tighten the market and this tightness could be exacerbated by a rebound in Chinese demand.
The member countries had agreed to cut production by 100,000 bpd in October.
The American Petroleum Institute (API) on late Tuesday also announced its estimate of a drop of over 1.77 million barrels in US crude oil inventories, relative to the market expectation of a 1.96-million-barrel rise.
Drops in inventories indicate an increase in crude demand in the US.
The official oil stock data will be announced by the US Energy Information Administration on Wednesday.
Source: Anadolu
