“`html
On October 2, 2023, October WTI crude oil closed up by $0.39 (+0.63%) while October RBOB gasoline fell by $0.0056 (-0.29%). OPEC+ raised crude oil production by 137,000 barrels per day (bpd) starting in October, significantly less than the previous increases of 547,000 bpd, reflecting weaker demand as indicated by Saudi Arabia’s $1 cut in prices for buyers in Asia.
U.S. crude oil inventories as of August 29 were reported at 3.8% below the five-year seasonal average, with U.S. crude production slightly declining to 13.423 million bpd. Meanwhile, the number of active U.S. oil rigs increased by 2 to 414, remaining above the four-year low of 410 rigs.
“`
