{"id":31707,"date":"2025-10-08T03:06:42","date_gmt":"2025-10-08T03:06:42","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=31707"},"modified":"2025-10-08T03:06:42","modified_gmt":"2025-10-08T03:06:42","slug":"oil-holds-62-to-rising-u-s-output","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-asia\/analysis\/oil-holds-62-to-rising-u-s-output\/","title":{"rendered":"Oil Holds $62 to Rising U.S. Output"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"573\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/Oil5-1024x573.webp\" alt=\"\" class=\"wp-image-41760\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key Points<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>WTI crude rose 0.47% to $62.31 as OPEC+ opted for a restrained supply increase.<\/li>\n\n\n\n<li>U.S. inventories rose 2.78 million barrels last week, above forecasts of 2.25 million.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices extended gains on Wednesday, with <strong>WTI crude<\/strong> climbing 0.47% to <strong>$62.31<\/strong> a barrel, as traders reacted to the latest OPEC+ decision and mixed signals from supply data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The producer group agreed to a <strong>smaller-than-expected output hike<\/strong>, the lowest among the options considered, defying market expectations for a more aggressive increase.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Oil steady after smaller-than-expected OPEC+ output hike <a href=\"https:\/\/t.co\/eo9Kyb94vj\">https:\/\/t.co\/eo9Kyb94vj<\/a> <a href=\"https:\/\/t.co\/eo9Kyb94vj\">https:\/\/t.co\/eo9Kyb94vj<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1975525287522652255?ref_src=twsrc%5Etfw\">October 7, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The decision reinforced the view that OPEC+ remains committed to maintaining market stability, even as prices hover near multi-month lows.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the same time, Russian crude shipments have stayed elevated near a <strong>16-month high<\/strong> over the past four weeks, despite signs that <strong>Ukrainian drone attacks<\/strong> have disrupted refinery operations, forcing Moscow to reroute exports through alternate terminals.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A surge in Ukrainian drone attacks on Russia\u2019s oil refineries has cut processing crude at home and led to a surge in Moscow\u2019s crude exports <a href=\"https:\/\/t.co\/xvLfJ0eOsQ\">https:\/\/t.co\/xvLfJ0eOsQ<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1975577226155262194?ref_src=twsrc%5Etfw\">October 7, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">On the bearish side, the <strong><a href=\"https:\/\/www.eia.gov\/petroleum\/supply\/weekly\/\" target=\"_blank\" rel=\"noopener\" title=\"\">U.S. Energy Information Administration (EIA)<\/a><\/strong> projected domestic production will reach a new record this year, higher than previously forecast.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Industry data also showed a <strong>2.78 million-barrel<\/strong> rise in inventories last week, compared with expectations of a <strong>2.25 million-barrel<\/strong> build. The official EIA report due later today will be closely watched for confirmation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Analysis<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Crude oil prices (<strong>CL-OIL<\/strong>) are trading around <strong>$62.31<\/strong>, up <strong>0.47%<\/strong> on the day, attempting to stabilise after weeks of bearish momentum. Despite today\u2019s modest recovery, the broader trend remains cautious as traders weigh slowing global demand against supply-side uncertainty from OPEC+ and geopolitical tensions.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/WhatsApp-Image-2025-10-08-at-102348-1024x450.jpg\" alt=\"\" class=\"wp-image-31708\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Technically, the market remains trapped within a broad consolidation range between <strong>$59.00<\/strong> and <strong>$67.00<\/strong>, with no clear directional breakout in sight. The <strong>5-, 10-, and 30-day moving averages<\/strong> remain relatively flat, underscoring a lack of sustained momentum. The <strong>MACD<\/strong> indicator continues to hover near the neutral line, with limited divergence between the signal and MACD lines, reflecting muted market conviction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The short-term structure suggests that <strong>$59.00<\/strong> acts as strong support, marking a psychological and technical floor last tested in mid-September. A decisive break below that level could expose oil to deeper declines toward <strong>$55.00<\/strong>. On the upside, resistance lies near <strong>$67.00<\/strong>, where repeated failures have capped rallies since late July.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Cautious Forecast<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Fundamentally, oil\u2019s outlook remains clouded. The ongoing U.S. government shutdown risk, coupled with weaker manufacturing and <a href=\"https:\/\/t.co\/7CbUJ2I9i2\" target=\"_blank\" rel=\"noopener\" title=\"\">energy demand data from China<\/a>, has weighed on sentiment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, expectations of steady output from OPEC+ and resilient U.S. inventories have kept prices under pressure. However, any disruption in supply or signs of a rebound in global activity could quickly shift momentum upward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, <strong>crude oil remains range-bound<\/strong>, with short-term rebounds likely to be sold into unless a fundamental catalyst emerges. A sustained move above <strong>$67.00<\/strong> would be needed to confirm renewed bullish traction, while continued trading below <strong>$60.00<\/strong> risks deeper bearish extension.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Create your live VT Markets account<\/a> and <a href=\"https:\/\/myaccount.vtmarkets.com\/login?_gl=1*5vyjdn*_gcl_au*Njc1MzM0NjY0LjE3NTEzNTM4MTc.*_ga*MjA5ODA0NDIzNC4xNzI3OTE1ODQ1*_ga_J26NL1ZVX7*czE3NTE4NzkxMDYkbzMwOCRnMSR0MTc1MTg3OTExOCRqNDgkbDAkaDA.*_ga_6XQ8153GYW*czE3NTE4NzkxMDgkbzU3JGcxJHQxNzUxODc5MTE4JGo1MCRsMCRoMA..*_ga_BG6LYEHPX1*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMTgkajUwJGwwJGgw*_ga_J8BRGZSREX*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjIkajQ2JGwwJGgw*_ga_7CG6454YR5*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjIkajQ2JGwwJGgw*_ga_69Z54R4H9N*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjIkajQ2JGwwJGgw*_ga_CY2VCKFC3C*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjIkajQ2JGwwJGgw*_ga_TXZ07R2C21*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjUkajQzJGwwJGgw*_ga_17TMGY9BBE*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjUkajQzJGwwJGgw*_ga_MWDVVSEVL5*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjUkajQzJGwwJGgw*_ga_2QCC3S2748*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjUkajQzJGwwJGgw*_ga_E7D2PCX624*czE3NTE4NzkxMjYkbzUkZzAkdDE3NTE4NzkxMjYkajYwJGwwJGgw*_ga_XJ4037XKK6*czE3NTE4NzkxMjYkbzUkZzAkdDE3NTE4NzkxMjYkajYwJGwwJGgw*_ga_EJCVQDC7VT*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjYkajQyJGwwJGgw\" target=\"_blank\" rel=\"noopener\" title=\"\">start trading<\/a> now.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WTI crude hovered above $62 per barrel on Wednesday as traders weighed a modest OPEC+ output hike against production forecasts. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":64,"featured_media":41760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[5,66],"class_list":["post-31707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-commodities","tag-oil"],"acf":{"acf_article_selection_author":""},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Oil holds near $62 despite rising U.S. production, supported by global supply-demand factors. 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