Brent Crude rises; OPEC fails in output targets

Brent crude futures rose towards $85 per barrel on Tuesday, amid reports that OPEC failed to reach output targets in October.

OPEC’s oil output rose 190,000 barrels per day in October, falling short of the 254,00 increase permitted under a supply deal as higher production from Saudi Arabia and Iraq were offset by involuntary outages in African producers Nigeria, Libya, Congo, Equatorial Guinea and Gabon, according to a Reuters survey.

Meanwhile, OPEC+ is expected to stick with a planned 400,000 barrels per day output increase in December ahead of its November 4 meeting, despite calls from big oil consumers including the US to raise production.

Elsewhere, US crude oil inventory reports from API and EIA are due for release on Tuesday and Wednesday, respectively.

Source: Trading Economics