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Oil prices hit 2-week low on rising US stockpiles
Oil prices just hit a two-week low after the US reported a surprise jump in crude oil stockpiles—up by 2.4 million barrels when everyone expected them to drop.
As a result, Brent crude dipped to $66.93 per barrel and WTI fell to $63.38, marking their lowest levels since August 20.
OPEC+ to meet amid mixed global economic signals
With US economic signals looking weak—like rising jobless claims—OPEC+ is about to meet and talk possible production hikes.
Analysts suggest that higher output could help OPEC+ regain market share, especially as people expect the Federal Reserve might cut interest rates soon to spark more demand for oil.