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October WTI crude oil prices fell by $1.91 (3.01%) to $61.60, while October RBOB gasoline prices dropped by $0.0576 (2.87%) as concerns about U.S. economic growth and rising unemployment contributed to the decline. The U.S. unemployment rate rose to 4.3%, the highest in 3.75 years, and a weak payroll report indicated only 22,000 jobs added.
Saudi Arabia is advocating for OPEC+ to expedite production hikes in their upcoming monthly video conference, risking a worsening crude oil surplus expected for Q4. OPEC+ aims to increase output by 2.2 million barrels per day by September 2026, although Russian crude output has tightened global supplies. As of August 29, U.S. crude oil inventories rose by 2.4 million barrels, contrasting with a draw of 1.9 million barrels that analysts expected.
As of August 29, active U.S. oil rigs increased by 1 to 412, remaining above the 3.75-year low of 410. U.S. crude oil production decreased by 0.1% to 13.423 million bpd, just below the 13.631 million bpd record high set in December 2024.
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