Oil Closes Mixed Following OPEC’s Output Decision

Oil prices showed a mixed performance on Wednesday after the OPEC+ alliance decided to maintain the gradual production increases, easing previous output cuts.

The global benchmark, Brent crude, closed lower for the second day despite expectations for a rising demand this year, with fears over disruptions due to Hurricane Ida.

Meanwhile, the U.S. benchmark WTI futures closed higher due to expectations of tight supplies due to the hurricane’s impact on the refining activity near the Gulf of Mexico.

Brent Crude futures for November delivery lost 4 cents, or 0.06%, to close at $71.59 per barrel.

WTI futures added 9 cents, or 0.13%, to finish at $68.59 per barrel.

In addition, EIA data showed earlier today that U.S. crude oil stockpiles fell by 7.2 million barrels to 425.4 million barrels, and remain below the five-year average by nearly 6%.