Oil Steadies as OPEC+ Signals Caution With Modest Output Hike

Oil steadied as traders weighed an OPEC+ decision to raise production at a modest against Saudi Aramco’s reduction in selling prices of its crude to Asia.

West Texas Intermediate crude edged up 0.6% to settle above $62 a barrel after losing more than 3% last week, when it became apparent that an output hike was on the way. The Organization of the Petroleum Exporting Countries and its partners decided to add 137,000 barrels a day in October, a smaller increment than they’d scheduled for the previous two months, leading investors to roll back bearish positioning.