Crude drifts lower despite OPEC+ output plans – BBH

Crude Oil prices slip as OPEC+ halts early 2026 output increases, while a growing global surplus keeps downward pressure on the market, BBH FX analysts report.

OPEC+ approves 137k bpd December boost

"Crude Oil prices are drifting lower despite OPEC+ plans to pause output hikes next year. OPEC+ matched expectations and agreed to raise output by 137k barrels a day in December. Beyond December, OPEC+ unexpectedly decided to pause the increase in crude Oil production in the first three months of 2026."

"The widening glut in crude Oil remains a major headwind for crude Oil prices. According to the IEA, global Oil balances have seen a 1.9 mb/d surplus since the start of the year and are expected to reach a record surplus of 3.3 mb/d in 2026."

Nov 3, 2025

GBP/USD: Likely to consolidate between 1.3110 and 1.3170 – UOB Group

Instead of continuing to decline, Pound Sterling (GBP) is more likely to consolidate between 1.3110 and 1.3170. In the longer run, the outlook for GBP remains negative, but for it to continue to decline, it must first close below 1.3100, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

AUD/USD: Current price movements appear to be part of a 0.6535/0.6565 – UOB Group

The current price movements appear to be part of a 0.6535/0.6565 range-trading phase. In the longer run, AUD is likely to trade in a range between 0.6505 and 0.6610, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.