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On Monday, November WTI crude oil closed down $2.27 (3.45%) and November RBOB gasoline fell $0.0471 (2.37%). This decline comes as OPEC+ is set to discuss increasing crude output by 137,000 barrels per day (bpd) during its meeting on October 5, starting November 1, which is expected to boost global oil supplies.
Additionally, Iraq announced it would resume oil exports from the Kurdish region, potentially adding 500,000 bpd to global supplies, which further pressures prices. In contrast, India’s crude imports dropped 2.9% year-over-year to 19.6 million metric tons in August, adding to bearish signals for oil demand.
As of September 26, crude oil stored on tankers rose 3.7% week-over-week to 81.95 million barrels, reflecting increasing supply. Meanwhile, ongoing conflicts have tightend global oil supplies, as Ukrainian strikes on Russian infrastructure have reduced Russia’s refined-product flows to a 3.25-year low of 1.94 million bpd in early September.
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