WASHINGTON (dpa-AFX) - Oil prices traded lower on Tuesday after gaining more than 1 percent in the previous session following a smaller-than-expected November output hike by OPEC+.
Benchmark Brent crude futures dipped 0.2 percent to $65.36 a barrel in European trade, while WTI crude futures were down 0.2 percent at $61.58.
Crude oil prices surged on Monday after OPEC and its allies decided to increase their collective oil production by 137,000 barrels per day, starting in November.
The lower-than-expected hike, in contrast to market expectations for a more aggressive reintroduction of supply, relieved traders' concerns of oversupply.
The oil cartel will meet again on November 2 to decide on their further course of action.
Meanwhile, as talks progress in Egypt to discuss plan to end the war in Gaza, deadly Israeli attacks continue in Gaza.
Israeli and Hamas officials are holding indirect negotiations in the resort city of Sharm El-Sheikh to secure agreement on a U.S.-backed plan to end the war in Gaza.
Elsewhere, Russia's Kirishi oil refinery has halted its main crude processing unit, CDU-6, following a recent Ukrainian drone strike and subsequent fire on October 4, Reuters reported, citing industry sources.
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