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On October 9, 2023, November WTI crude oil closed at $59.52, up 1.00%, while November RBOB gasoline closed at $0.3160, a 0.39% increase. These prices rebounded after last Friday’s declines attributed to renewed U.S.-China trade tensions.
Crude prices received a boost as the Trump administration expressed willingness to negotiate a trade deal with China. Additionally, President Trump’s consideration of arming Ukraine with long-range missiles raised concerns about potential disruptions to Russian oil supplies. OPEC+ recently agreed to a 137,000 bpd production increase starting in November, contributing to price fluctuations.
Current U.S. crude production stands at 13.629 million bpd, nearly at the record high of 13.631 million bpd from December 2024. U.S. crude oil inventories are 4.5% below the seasonal 5-year average, while active U.S. oil rigs decreased to 418, remaining above the low of 410 seen in August 2023.
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