Oil futures fell Wednesday as uncertainty over Russia’s willingness to cut production and a monthly rise in output from OPEC members sent prices lower for a second consecutive session, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, November West Texas Intermediate crude fell 61 cents, or 1.2%, to settle at $50.18 a barrel after losing 1.1% a day earlier.
On the London ICE Futures Exchange, December Brent crude, the global benchmark, lost 60 cents, or 1.1%, to end trading at $51.81 a barrel.
The increase in oil production comes at a time when OPEC producers are in discussions with Russia, a non-OPEC player, on ways to reduce the glut and stabilize prices.
Global oil supply in September hit 97.2 million barrels a day, 600,000 barrels more than the previous month and 200,000 barrels a day higher than the corresponding month a year ago, according to the International Energy Agency. The data showed the majority of the rise came from Russia.
Energy investors will also be eyeing the U.S. weekly inventories data due Thursday from the U.S. Energy Information Administration. The American Petroleum Institute will release its own data late Wednesday. The reports were each delayed by a day due to the Columbus Day holiday on Monday.
Analysts polled by S&P Global Platts expect an increase of 250,000 barrels in crude stocks on the back of a decline in refinery activity because of fall refinery maintenance and some unplanned outages. But crude supplies have shown unexpected declines for the past five weeks in a row.
Early Thursday, the EIA will also release its short-term energy outlook and winter fuels outlook reports and an update on U.S. natural gas supplies.
Meanwhile, November natural gas fell by 2.7 cents, or 0.8%, to settle at $3.21 per million British thermal units on the New York Mercantile Exchange after losing 1.2% a day earlier.