Crude oil futures traded marginally higher on Tuesday morning following reports of a possible meeting between the US and Chinese Presidents later this month.

The world oil market faces an even bigger surplus next year of as much as 4 million barrels per day as OPEC+ producers and rivals lift output and demand remains sluggish, the International Energy Agency predicted on Tuesday.

The Energy Information Administration’s (EIA) Crude Oil Inventories report has indicated a substantial increase in the number of barrels of commercial crude oil held by US firms. The report, which measures the weekly change in inventory levels, showed an actual increase of 3.715 million barrels.

Oil prices rose early Wednesday due to falling crude stocks at the Cushing hub and eased oversupply fears from OPEC+'s planned modest output increase.

World oil supply is expected to closely match demand next year as the wider OPEC+ group increases production, an OPEC report showed on Monday, marking a change from last month's outlook, which projected a supply shortfall in 2026.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria's crude oil and condensate production fell to an average of 1.58 million barrels per day (mbpd) in September.

China, the world’s largest importer of crude oil, has been stockpiling it at a rate of close to 1 million barrels daily since the start of the year. Vortexa: 1.2 billion barrels of crude oil are currently at sea, being moved from one place to another.

Nigeria’s crude oil production declined to 1.39 million barrels per day (bpd) in September 2025, marking a second consecutive month