Oil prices stabilized in early trading on Wednesday following two days of declines, as investors assessed potential OPEC+ strategies for a more significant output increase next month in contrast to the likelihood of diminishing inventories in the U.S. Brent crude futures for December delivery increased by 12 cents, reaching $66.15 per barrel. U.S. West Texas Intermediate crude increased by 12 cents, reaching $62.49 per barrel.

On Monday, Brent and WTI both experienced settlements that were over 3% lower, marking their most significant daily declines since August 1. On Tuesday, each experienced a decline of at least 1.5% further. The expectation of declining U.S. crude oil inventories contributed to the stabilization of prices, preventing a more significant drop. U.S. crude stocks experienced a decline, whereas gasoline and distillate inventories saw an increase in the previous week, according to market sources referencing estimates from the American Petroleum Institute on Tuesday. Crude stocks experienced a decline of 3.67 million barrels during the week concluding on September 26, according to sources.

Gasoline inventories, however, experienced an increase of 1.3 million barrels, while distillate inventories saw a rise of 3 million barrels compared to the previous week, according to the sources. OPEC+ may reach a consensus to elevate oil production by as much as 500,000 barrels per day in November, a figure that would be three times the increment established for October, as Saudi Arabia aims to regain market share, according to three sources acquainted with the discussions. According to sources, eight members of the group responsible for approximately half of the global oil supply are contemplating an increase in production ranging from 274,000 to 411,000 barrels per day. A source indicated that the increase might attain 500,000 bpd.

OPEC stated in a post that media reports regarding intentions to increase output by 500,000 bpd were misleading. In the United States, President Donald Trump secured the endorsement of Israeli Prime Minister Netanyahu for a U.S.-supported peace initiative concerning Gaza, although the position of Hamas remains ambiguous.