November WTI crude oil (CLX25) on Monday closed down -2.27 (-3.45%), and November RBOB gasoline (RBX25) closed down -0.0471 (-2.37%). Crude oil and gasoline prices fell sharply on Monday due to the outlook for OPEC+ to increase its crude production levels for November, which is expected to boost global oil supplies.  Bloomberg reported Monday that OPEC+ at its online meeting on October 5 is considering raising its crude output level by +137,000 bpd, starting November 1. More News from Barchart The outlo ...

Ukraine has stepped up its attacks on Russian refineries and oil infrastructure, which is bullish for crude prices as it curbs Russian crude exports and tightens global oil supplies. Last Thursday, Ukraine attacked Russia's Salavat and Volograd oil refineries, halting around 300,000 bpd of refining capacity. Last Tuesday, Russia's Transneft Pipeline, which handles more than 80% of the country's oil, restricted the ability to store crude. Also, the Kirishi refinery, one of Russia's biggest refineries that ha ...

Russian gas producer Novatek has rerouted approximately 70,000 metric tons of gas condensate to the Black Sea port of Novorossiisk due to a shutdown at its Ust-Luga gas condensate complex, sources told Reuters. The disruption traces back to a drone attack on August 24 that ignited a fire at the Ust-Luga facility, incapacitating all operations, including export loadings. Though partial operations resumed later in August, two of the facility’s three processing units remain offline, restricting its ability t ...