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A Reuters survey found OPEC output in October rose to 33.31 million bpd, the highest since December 2016, led by the UAE and Libya. Higher output more than offset lower Iranian shipments caused by US sanctions.
Oil had eased to about $76 after touching a four-year high of $86.74 on Oct. 3.
Rising OPEC supply eases concern about sanctions-driven shortages, which pressures crude and, in turn, energy and transport costs for feed buyers.
reuters.comAlex LawlerOct 31, 2018After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
The Reuters survey showed OPEC October output at a near two-year high, more than offsetting lower Iranian exports and signaling ample supply.
