Nymex Overview: Oil Weakens on U.S. Stock Build, Possible OPEC+ Output Boost — OPIS

Oil futures were extending a two-day decline at midday Wednesday on continuing worries over a potential output increase by OPEC and allied producers and government data that showed U.S. stocks rose by nearly 1.8 million bbl in the week ended Friday.

The NYMEX November West Texas Intermediate contract was down 35cts to $62/bbl at about 11:45 a.m. ET and December WTI was also off by 35cts to $61.60/bbl.

The ICE December Brent contract was 40cts lower at $65.65/bbl and January Brent was down by 45cts to $65.15/bbl.

If those declines hold, it would mark a third straight session in which crude futures have settled lower.

The NYMEX November RBOB contract was down by 3.75cts to $1.885/gal, and December RBOB was off by 3.35cts to $1.841/gal. The November ULSD contract was 0.65ct lower at $2.3175/gal and December ULSD was down 0.7ct to $2.293/gal.

The Energy Information Administration at midmorning reported U.S. commercial oil stocks rose by nearly 2 million bbl in the week ended Friday, while gasoline holdings increased by more than 4 million bbl.

The oil market has been bearish of late, largely on reports suggesting OPEC+ producers may boost output in November when they meet on Sunday.

In U.S. cash refined product markets, Los Angeles CARBOB and Pacific Northwest sub-octane gasoline were trading more than 5cts lower near midday, while products in other markets were mostly tracking futures.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

• Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com