U.S. West Texas Intermediate (WTI) crude futures picked up 4 cents, or 0.1%, to $41.08 a barrel at 0032 GMT, while Brent crude futures rose 5 cents, or 0.1% to $43.37 a barrel.
Its output had been above demand for its crude in Q1 and Q2, it said.OPEC and its allies, including Russian Federation, are in the midst of a supply accord enacted during the depths of the coronavirus market meltdown and have to decide how long to maintain their current 7.7 million b/d production cuts, which are scheduled to taper to 5.8 million b/d for 2021 through April 2022.Oil prices have wobbled around $40-$45/b since June due to the economic uncertainty over rising infection rates in many countries, and speculation is rife on whether the OPEC+ alliance will tighten its quotas.The nine-country Joint Ministerial Monitoring Committee (JMMC), co-chaired by Saudi Arabia and Russian Federation, meets monthly to recommend any changes to output levels if needed.
Some European countries are reviving curfews and lockdowns to try to contain the rise in new coronavirus cases, with Britain expected to impose tougher COVID-19 restrictions on London from midnight on Friday.
Oil markets climbed for a third day despite a resurgence in COVID-19 infections across Europe potentially denting fuel demand.
OPEC's Secretary General said demand was recovering more slowly than expected and OPEC+ will ensure oil prices do not plunge steeply again when it meets at the end of November.
OPEC and allies in a group called OPEC+ are due to taper production cuts in January by 2 million barrels per day (bpd), from 7.7 million bpd now.
OPEC+ had 100% compliance with a pact to cut oil supply in September was seen at 102%, two OPEC+ sources told Reuters.
Oil prices dropped for a second straight session on Monday as USA producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.
The International Energy Agency said on Wednesday that a second wave of coronavirus infections could complicate efforts by producers to balance the market.
The American Petroleum Institute industry group said USA crude, gasoline and distillate inventories all fell in the week to October 9.
Hurricane Delta, which inflicted the biggest blow in 15 years to energy production in the U.S. Gulf of Mexico last week, was downgraded to a post-tropical cyclone at the weekend.
Send your news stories to and features to.