SULAIMANI (ESTA) — Oil prices were steady on Tuesday as key producer group OPEC undershot its expected pace of output increase last month.
Brent crude futures rose 1 cent to $84.72a barrel by 0754 0530, while U.S. crude futures slipped by 12 cents to $83.93 per barrel.
“Crude prices still seemed poised to head higher, with some traders waiting for confirmation after both the EIA crude oil inventory shows demand for most products are headed in the right direction, while U.S. production is stable with OPEC+ sticking to their gradual 400,000 bpd increase plan,” Edward Moya, senior analyst at OANDA told Reuters.
Oil rallied to multi-highs last week, helped by a post-pandemic demand rebound and the OPEC+ sticking to gradual, monthly production increase of 400,000 barrels per day (bpd).
The increase in OPEC’s oil output in October fell of the rise planned under a deal with allies, according to Reuters.
OPEC pumped 27.5 million bpd in October, a rise of 190,000 bpd from the previous month but below the 254,000 increase permitted under the supply deal, Reuters reported.
