WTI claws above $63 after 2-week low, OPEC+ in focus

West Texas Intermediate recovered on Thursday after sliding to its lowest level since August 21, near $62.50 earlier in the day.

WTI traded around $63.30 during the American session, paring intraday losses and signaling a modest rebound, though the US benchmark crude remains under pressure following a sharp midweek sell-off.

The downturn comes ahead of the Organisation of Petroleum Exporting Countries and allies (OPEC+) meeting on Sunday, September 7, where the alliance is expected to debate further output hikes for October, a move that could deepen oversupply concerns in an already seasonally weak demand period.

Bearish sentiment is further reinforced by the latest American Petroleum Institute (API) data on Wednesday, which showed an unexpected 622,000-barrel build in U.S. crude stocks for the week ending August 29, against forecasts of a 2-million-barrel draw.

Together with easing consumption after the summer driving season and ongoing global growth worries, these factors keep WTI under pressure despite the modest intraday rebound.