Oil futures finish with a slight gain after OPEC+ stands pat on output agreement

Oil futures finished Wednesday with a slight gain after OPEC+ -- the Organization of the Petroleum Exporting Countries and their allies - confirmed its previous plan to boost oil production by 400,000 barrels per day each month. "As the excess inventory buildup from 2020 is removed, [a] production increase is necessary to keep the market from being undersupplied," said Manish Raj, chief financial officer at Velandera Energy Partners. Traders also digested weekly data from the Energy Information Administration showing a 7.2 million-barrel decline in U.S. crude inventories. Meanwhile, energy operations in the Gulf of Mexico region continued their recovery from Hurricane Ida. The Bureau of Safety and Environmental Enforcement reported Wednesday that an estimated 79.96% of oil production, and 83.21% of natural-gas production, in the Gulf remains shut in. West Texas Intermediate crude for October delivery edged up by 9 cents, or 0.1%, to settle at $68.59 a barrel on the New York Mercantile Exchange. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Oil futures finish with a slight gain after OPEC+ stands pat on output agreement
Oil futures finished Wednesday with a slight gain after OPEC+ -- the Organization of the Petroleum Exporting Countries and their allies - confirmed its previous plan to boost oil production by 400,000 barrels per day each month. "As the excess inventory buildup from 2020 is removed, [a] production increase is necessary to keep the market from being undersupplied," said Manish Raj, chief financial officer at Velandera Energy Partners. Traders also digested weekly data from the Energy Information Administration showing a 7.2 million-barrel decline in U.S. crude inventories. Meanwhile, energy operations in the Gulf of Mexico region continued their recovery from Hurricane Ida. The Bureau of Safety and Environmental Enforcement reported Wednesday that an estimated 79.96% of oil production, and 83.21% of natural-gas production, in the Gulf remains shut in. West Texas Intermediate crude for October delivery edged up by 9 cents, or 0.1%, to settle at $68.59 a barrel on the New York Mercantile Exchange. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.