“OPEC+ now sees some more room for its crude in the market,” Energy Intelligence reports, citing an initial draft of a report prepared ahead of the alliance's November 4 meeting.

At its last meeting, OPEC+ decided to maintain the planned 400K barrel per day (bpd) increase in oil output.

Meanwhile, it was reported earlier on that Algeria wants to stick to the 400K output bump, as the country’s Energy Minister said that OPEC+ output increase should not exceed 400K bpd in December.

Market reaction

In light of the OPEC+ oil out speculation, WTI is trading modestly flat around $82.80, consolidating the impressive recovery from two-week lows.