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On Tuesday, November WTI crude oil closed at $62.26 per barrel, down $1.08 (-1.70%), while November RBOB gasoline fell by $0.0194 (-1.00%). This decline comes amid concerns of a global supply glut as OPEC+ plans to discuss a potential increase in crude production levels by about 500,000 barrels per day (bpd) starting in November.
Additionally, an International Energy Agency (IEA) report projected a record surplus in the global oil market next year of 3.33 million bpd. In the context of rising oil supplies, Iraq announced the resumption of crude exports, which could add another 500,000 bpd to global markets. Meanwhile, reduced crude demand from India, the world’s third-largest crude oil importer, fell 2.9% year-over-year to 19.6 million metric tons.
According to Vortexa, crude oil stored on stationary tankers increased by 3.7% week-over-week to 81.95 million barrels. In the U.S., crude oil inventories are expected to rise by 1.5 million barrels, as reported in the upcoming EIA report.
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