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October WTI crude oil prices closed down by $1.62 (2.47%), reaching $64.06, while October RBOB gasoline prices fell by $0.0308 (1.51%). This decline was driven by concerns over a potential global oil supply glut following reports that OPEC+ is contemplating an increase in crude production levels.
In the U.S., economic indicators showed weakness, with July JOLTS job openings dropping by 176,000 to 7.181 million—below the expected 7.380 million. Factory orders also fell 1.3% month-over-month for the second consecutive month. Additionally, Vortexa reported a notable decrease in crude oil held on stationary tankers, down 18% week-over-week to 72.67 million barrels.
OPEC+ production rose by 400,000 barrels per day (bpd) in August, reaching a total of 28.55 million bpd, marking the highest output in over two years. The group has plans to gradually restore production levels by 2.2 million bpd by September 2026, with a meeting scheduled for September 7 to discuss further production adjustments.
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