Crude oil prices, with WTI for December delivery rising $0.41 to $60.98 per barrel, edged higher on Friday, primarily driven by market speculation regarding potential U.S. military action in Venezuela that could disrupt oil supply. This upward momentum counteracted earlier downward pressure from OPEC's anticipated 137,000 barrels per day output increase for December and concerns over weak Chinese factory activity, reflected in declining NBS Manufacturing PMI figures.
WTI Crude Oil for December delivery saw a modest increase of 0.68% to $60.98 per barrel, primarily supported by speculative reports of potential U.S. military action in Venezuela, which could disrupt oil supply. This geopolitical risk factor, despite a White House denial, temporarily overshadowed the bearish impact of OPEC's anticipated 137,000 barrels per day output hike for December. However, broader macroeconomic headwinds persist, with weak Chinese factory activity evidenced by the NBS Manufacturing PMI falling to 49.0 in October 2025, indicating contraction. Concurrently, the U.S. dollar strengthened following Federal Reserve Chair Powell's cautious stance on further rate cuts, which typically exerts downward pressure on dollar-denominated commodities. The oil market also navigates conflicting trade and geopolitical signals. A temporary U.S.-China tariff truce, including China's commitment to increased U.S. energy purchases, provided some optimism, though this was capped by the weak Chinese economic data. Ongoing U.S. sanctions targeting major Russian oil companies, which collectively export 3.1 million barrels per day, introduce further supply-side uncertainty.
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mildly negative
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