Oil rises on OPEC’s modest output hike – ING
ICE Brent was trading above $65/bbl while NYMEX WTI was seen approaching $62/bbl this morning, amid a modest OPEC+ production increase for November and higher geopolitical risks. Recent reports suggest that Ukraine claims to have attacked one of Russia’s largest oil refineries, Kinef oil refinery, which holds an annual processing capacity of over 20mt. The …