Oil Prices Shrug Off OPEC+ Plans to Pause Supply Hikes

The oil cartel’s recent decision could mitigate global oil supply glut fears.

An installation depicting a barrel of oil with the OPEC logo, during the COP29 U.N. climate change conference in Baku, Azerbaijan. Maxim Shemetov/File Photo/Reuters

Crude oil prices were little changed on Nov. 3, shrugging off OPEC+’s plans to pause its supply increase in the first quarter of 2026.

The U.S. benchmark West Texas Intermediate crude oil prices dipped by about 0.3 percent, to about $60.80 a barrel on the New York Mercantile Exchange.