Brent fell 9 cents, or 0.1%, to $95.27 a barrel, WTI fell 20 cents, or 0.2%, to $88.71 a barrel.

China and India remain the main destination for Russian crudes in the wake of the Ukraine war, accounting for 58% of all seaborne Russian crude exports in October.

Growth in OPEC and non-OPEC oil production—most notably production in the United States— keeps the Brent crude oil price in our forecast lower on an annual average basis in 2023 than in 2022. Brent crude oil price will begin rising in 2H23.

Brent dropped $1.24 or 1.26% to trade at $97.33 a barrel, WTI was at $91.17 a barrel, down $1.44.

OPEC and non-OPEC allies — generally referred to as OPEC+ — agreed at this week’s meeting in Vienna to reduce production by 2 million BPD from November levels.

The US reaction to the Saudi-led decision was swift. President Joe Biden has warned of "consequences," and the country has announced more releases of crude from its strategic reserves.

Risks over existing gas supplies from Russia will continue through the coming months, with just one pipeline route open to the biggest European customers.

The Worldwide Rig Count for October was 1,893, up 40 from the 1,853 counted in September 2022,and up 389 from the 1,504 counted in October 2021.

U.S. Rig Count is up 2 from last week to 770, Canada Rig Count is down 3 from last week to 209.

Brent dropped 85 cents, or 0.9%, to $95.30 a barrel, WTI fell $1.01, or 1.1%, to $88.99.

Currently, the most expensive form of generation -- gas -- sets the price for all electricity that’s sold into the market. That means consumers are bearing the brunt of Russia’s supply cuts to the continent. It also means Europe isn’t feeling much of the benefit of low-cost renewables like wind farms, which get to sell at big margins.

Additional domestic gas production from a bigger reserve base in the Black Sea may allow Turkey to reverse some of the recent electricity and gas price hikes.

U.S. commercial crude oil inventories decreased by 3.1 million barrels to 436.8 million barrels.

Brent rose 54 cents, or 0.6%, to $95.19 a barrel, WTI rose 72 cents, or 0.8%, to $89.09 a barrel.

Dutch front-month gas, Europe’s benchmark, traded 2.4% higher at €119 per megawatt-hour by 8:43 a.m. in Amsterdam after losing 5.8% a day earlier.