WTI finds support near $62 as OPEC+ denies speculation of robust Oil production hike

• WTI gets interim relief near $62.00 as the OPEC+ has denied speculation of almost three times increase in Oil production hike.
• From October, the Oil production will be increased by 137,000 bpd.
• Potential US government shutdown has raised concerns over the Oil demand outlook.

West Texas Intermediate (WTI), futures on NYMEX, finds a temporary support near $62.00 during Wednesday's Asian session after sliding almost 4.40% in last two trading days. The Oil price gets a provisional relief after the OPEC+ denied speculation regarding the announcement of multi-fold hike in Oil production in its upcoming meeting on Sunday.

A report from Bloomberg stated on Tuesday that the Oil cartel is aiming to accelerate the rollback of production cuts, started earlier this year, through increasing supply by 500K million barrels per day (bpd) from November, the pace is somewhat four times faster than the current increase of 137,000 starting in October.

The scenario in which the OPEC+ increase its production is unfavourable for the Oil price.

Meanwhile, mounting risks of a United States (US) government shutdown have also weighed on the Oil price, assuming that the potential closure of the federal government could slow down public spending. This could lead to a decline in the overall demand of the Oil price.

Till now, Republicans have failed to persuade Democrats for supporting the stopgap bill in the House of Senate, citing that their demands cannot be fulfilled.