Oil prices recovered modestly in today after the OPEC+ alliance confirmed a small production increase of 137,000 barrels per day for November, matching the rise announced for October. The restrained decision eased fears of a larger supply boost.
Following Sunday’s ministerial meeting, OPEC+ said the move was made “in view of a steady global economic outlook and current healthy market fundamentals.” The statement emphasized low global inventories as evidence that supply-demand conditions remain tight enough to justify a gradual output approach.
The limited hike contrasts with speculation that major producers—particularly Saudi Arabia and Russia—might push for a faster restoration of supply to reclaim market share. Instead, the decision reflects caution amid volatile demand signals and lingering uncertainty over global growth.
Technically, for WTI oil, some consolidations would be seen above 60.62 temporary low for the near term. But risk will stay on the downside as long as 63.49 minor resistance holds.
Break of 60.62 will resume the whole decline from 78.87. Next target is 100% projection of 71.34 to 61.90 from 66.70 at 57.26. However, firm break of 63.49 will bring stronger rebound back to 66.70 resistance instead.
