0754 GMT – Oil prices tick lower in early trading after settling more than 1% higher in the previous session as OPEC+’s supply increase for November turned out to be more modest than expected. Brent crude and WTI are both down 0.2% at $61.24 and $65.34 a barrel, respectively. The U.S. dollar index, instead, trades 0.3% higher at 98.37, making dollar-denominated commodities more expensive. OPEC+’s agreed increase of 137,000 barrels a day “staved off fears of an even bigger surplus than the one the market is anticipating in coming months,” ANZ analysts say. However, expectations of an impending glut continue to weigh on sentiment, keeping Brent in a narrow trading range. Meanwhile, traders continue to watch geopolitical developments after reports that Russia’s Kirishi oil refinery, one of the country’s largest, halted its most productive unit after a drone attack. (giulia.petroni@wsj.com)
Oil Prices Mixed; May be Supported by Supply Disruption Risks
0010 GMT — Oil prices are mixed in early Asian trade, but may be supported by supply disruption risks. “Ukraine’s attack on Russia’s Kirishi oil refinery over the weekend highlights ongoing disruption risks facing Russian supply,” CBA’s Vivek Dhar says in a research report. These attacks began in August and have already led to lower shipments of Russian refined products, the analyst says. The net impact of the Ukrainian attacks is less oil and refined oil products for the global market, the analyst adds. Front-month WTI crude oil futures are 0.05% lower at $61.66/bbl; front-month Brent crude oil futures are flat at $65.46/bbl. (ronnie.harui@wsj.com)
