West Texas Intermediate traded near $63 a barrel, after global benchmark Brent closed below $68. Prices slumped on Wednesday after a report that the OPEC+ alliance will consider a fresh round of production increases at a policy meeting this weekend. Still, Saudi Arabia and its partners have yet to decide how to proceed, according to several delegates.
In the US, the world’s biggest economy, activity saw “little or no change” across most of the country in recent weeks, the Federal Reserve said. In addition, job openings fell to a 10-month low in July, adding to data that show a diminishing appetite for workers amid heightened policy uncertainty.
Oil has shed more than 10% this year as OPEC+ unwound deep output curbs at a rapid clip in a bid to reclaim market share against rival drillers. At the same time, producers from outside the alliance have ramped up supplies, while concerns about crude demand have intensified as the Trump administration imposed a wave of trade tariffs. Taken together, that’s spawned predictions for a glut.
In the US, an industry estimate showed crude inventories at the Cushing, Oklahoma, hub expanded by 2.1 million barrels last week. If confirmed by official data later Thursday, that would be biggest increase since March.
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