Oil prices rebounded this week, with Brent crude futures climbing by more than 2% to US$72.55 per barrel after US data revealed an unexpected drop in crude and gasoline inventories.

This rise was also fuelled by speculation that OPEC+ may postpone a planned increase in oil output scheduled for December. The US West Texas Intermediate crude saw a similar surge, rising to US$68.61 per barrel.

The Energy Information Administration (EIA) reported a surprise fall in U.S. gasoline stockpiles, which hit a two-year low amid increased demand.

Crude inventories similarly posted an unanticipated drawdown, driven by decreased imports, including a significant drop in crude imports from Saudi Arabia, which reached their lowest level since January 2021.

Analyst Matt Smith from Kpler remarked that the stronger gasoline demand and reduced imports were key factors supporting the oil price increase.

Meanwhile, OPEC+, which includes the Organisation of the Petroleum Exporting Countries and allies such as Russia, is considering delaying the scheduled output hike due to softening demand and an oversupplied market, according to Reuters sources.

OPEC+ had initially planned to boost output by 180,000 barrels per day in December, adding to the easing of previous supply cuts.

Harry Tchilinguirian, head of research at Onyx Capital Group, noted that OPEC+ has always emphasised market conditions in its supply decisions, adding that a potential postponement reflects current macroeconomic realities.

A final decision on this output increase could be made as soon as next week, ahead of the group's formal meeting on 1 December, where policy adjustments will be discussed.