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On Monday, November WTI crude oil closed down $0.02 to $85.50 per barrel, marking a 5.5-month low, while November RBOB gasoline fell $0.0075 to $1.83 per gallon. The decline was influenced by a stronger dollar and concerns about a potential increase in Russian oil supply following President Trump’s announcement of a meeting with Russian President Putin to discuss the Ukraine conflict.
Crude oil stored on tankers fell by 12% week-over-week to 78.44 million barrels, which is bullish for prices. OPEC+ announced a smaller-than-expected production increase of 137,000 barrels per day starting in November, while U.S. crude oil production reached a record 13.636 million barrels per day, up 0.1% week-over-week as of October 10.
Concerns over a global oil supply glut persist, with the International Energy Agency forecasting a record surplus of 4 million barrels per day for 2026, while Iraq aims to add 500,000 barrels per day to global supplies by resuming exports from the Kurdistan region.
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