Oil prices edge lower as rising crude output offsets geopolitical risks
USO•Oil prices fell 0.4% on Thursday, with Brent at $92.39 a barrel and U.S. West Texas Intermediate at $86.16, as rising crude output offset geopolitical risks.
1. Prices edge lower
Brent futures fell 37 cents, or 0.4%, to $92.39 a barrel, while U.S. West Texas Intermediate crude dropped 37 cents, or 0.43%, to $86.16. Both contracts had fallen more than $1 in early Asian trading and were headed for a weekly decline.
2. Output and tensions
OPEC+ crude production rose in October, driven by higher Saudi Arabian output despite shipping disruptions through the Strait of Hormuz. Iran's Revolutionary Guards Navy said two supertankers were disabled by explosions after hitting naval mines in the strait, while geopolitical tensions in the Middle East and Russia continued to weigh on market sentiment.
3. Inventory data awaited
Market participants were watching for U.S. Energy Information Administration oil and products stocks data due Thursday, delayed by a national holiday.
