Oil prices rebound as markets watch OPEC+ output plan

Oil prices recovered on the afternoon of October 1 after two days of declines, as investors weighed plans for a stronger production increase next month by major producers.

Oil prices recovered on the afternoon of October 1. Photo: VNA

Additionally, the market is also watching the outcome of the US government shutdown, a development that could impact economic activity and fuel demand.

At 1:43 p.m. on October 1 (Vietnam time), the price of Brent crude oil for December 2025 delivery increased by 25 cents to 66.28 USD/barrel. The price of US light sweet crude oil (WTI) also increased by 22 cents to 62.59 USD/barrel.

Earlier, in the session on September 29, both types of oil closed down more than 3% and marked the sharpest daily decline since August 1. On Tuesday, these two types of oil continued to fall by another 1.5%.

Sugandha Sachdeva, founder of market research firm SS WealthStreet, said the weakness was largely due to supply-side developments, as the Organization of the Petroleum Exporting Countries (OPEC) gradually restored production. This development increased concerns about the possibility of oversupply in the market.

OPEC and major non-OPEC producers (collectively known as OPEC+) may agree to increase oil output by up to 500,000 barrels per day in November, three times the increase in 10, as Saudi Arabia seeks to regain market share, according to three sources familiar with the matter.

However, OPEC said media reports about plans to increase production by 500,000 barrels per day were misleading.

Downward pressure on prices continued to mount after an industry report showed US crude inventories fell, while gasoline and distillate inventories rose last week.

Ms. Sachdeva commented that although US crude oil reserves have been on a downward trend, the rate of decline has slowed down and eased the market's optimistic sentiment.

Elsewhere, the US government largely shut down on Wednesday as deep partisan divisions prevented Congress and the White House from reaching a budget deal. Officials warned that the 15th government shutdown since 1981 would result in 750,000 federal workers being furloughed and delay the release of the September 2025 jobs report, a figure that markets are looking for clues to the Federal Reserve's monetary policy direction.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-phuc-hoi-khi-thi-truong-doi-theo-ke-hoach-san-luong-cua-opec-20251001152241178.htm