Crude oil futures rose modestly after OPEC+ said it will continue unwinding voluntary production cuts in October with a 137K bbl/day increase, smaller than some market watchers expected.

Oil prices fell on Thursday, pressured by concerns over softening U.S. demand and broad oversupply that offset threats to output from conflict in the Middle East and the Russian war in Ukraine. Brent crude futures were down $1.

The U.S. Energy Information Administration's short-term outlook for oil prices forecast a slide in prices, potentially leading to lower rig counts and more job losses.

The EIA sees output easing from about 13.6 mb/d late-2025 to roughly 13.2 mb/d by end-2026 as low prices slow drilling and completions.

HSBC forecasts a big oil surplus from the fourth quarter of 2025 of 1.7 million barrels per day (mbd), and a surplus of 2.4 mbd in 2026, it said in a note on Monday.

Oil prices were sliding on Thursday after the International Energy Agency said global crude markets should brace for an even bigger supply glut than it had previously forecast. The Brent international benchmark slid 0.

The crude oil market continues to see a bit of noisy trading, as the markets are continuing to see a lot of questions about the supply of oil, as OPEC, Russia, and the United States are all pumping out massive amounts of petroleum.

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Oil prices experienced a dramatic turnaround today, surging higher due to fresh concerns about Russian output and geopolitical risks, despite earlier oversupply jitters.