• WTI Oil remains near four-month lows, below $62.00.
• Investors are wary that OPEC+ will accelerate supply hikes in November.
• The G7 has launched a joint statement pledging to impose further sanctions on Russian Oil.

The US Benchmark West Texas Intermediate is trading at $61.80 per barrel at the time of writing. A mild recovery attempt was capped at $62.30 on Wednesday, and Oil is trading moderately lower on Thursday, drawing closer to the four-month lows of $61.30.

Investors’ concerns about the negative consequences of the US government shutdown and expectations that OPEC+ will hike supply again in November have offset the impact of potential sanctions on Russia.

News reports from Reuters released earlier this week revealed that the OPEC+ might be considering accelerating supply in November, beyond the 137,000 barrels per day hike approved in October.

This news came together with the closure of the US federal government, raising concerns of an oversupply. It is still unknown how long it will take, but the shutdown will weigh on demand for oil from the world’s largest economy, at a moment when other major economies are showing clear signs of weakness.

Increasing fears about an oil glut have offset expectations os further sanctions on Russia following a joint statement by G7 finance ministers pledging to increase pressure on those countries or entities buying Russian Oil or facilitating circumvention.