Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall
-Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns.futures for November rose 15 cents, or 0.1%, to $72.85 at 0402 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023. U.S. West Texas Intermediate crude futures for October were up 15 cents, or 0.22%, to $69.35 after dropping 1.
Last week, OPEC+ was set to proceed with its 180,000 barrels-per-day output hike in October, part of a plan to gradually unwind its most recent cuts of 2.2 million bpd. Weekly U.S. oil stocks data from the Energy Information Administration is due on Thursday at 1430 GMT. Data published over the weekend by the Chinese government revealed that manufacturing activity in the world's top oil consumer sank to a six-month low last month as factory gate prices tumbled and owners struggled for orders.
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