Crude Oil Prices Rise to 2.5-Week High
October WTI crude oil increased by 1.54% to $0.98, while October RBOB gasoline rose by 0.42% to $0.0083 on October 22, 2025. The rise in crude oil prices is attributed to ongoing concerns regarding the Russian-Ukrainian war and expectations that the Federal Reserve will lower interest rates at the next FOMC meeting, potentially stimulating economic growth and energy demand. Algorithmic trading contributed to the gains after prices surpassed the 100-day moving average.
OPEC+ is set to increase crude production by 547,000 barrels per day (bpd) starting September 1, reversing previous cuts and returning a total of 2.2 million bpd by September 2026. Recent data also indicated that U.S. crude oil inventories were 5.6% below the seasonal 5-year average, despite a slight weekly production increase to 13.382 million bpd, compared to a record high of 13.631 million bpd in December 2024. Additionally, the number of active U.S. oil rigs fell by one to 411, close to a 3.75-year low.
