Crude Oil Settles Higher as OPEC+ Boosts Crude Production Below Expectations

Group 1 - Crude oil prices experienced mixed movements, with October WTI crude oil closing up by 0.39 (+0.63%) while October RBOB gasoline closed down by 0.0056 (-0.29%) [1] - OPEC+ agreed to raise crude production by 137,000 barrels per day (bpd) starting in October, which is significantly lower than the previous increase of 547,000 bpd in September and August [2] - Saudi Arabia cut prices for all crude grades by $1 per barrel for buyers in Asia, indicating weaker demand and a larger cut than the expected $0.50 reduction [2] Group 2 - Reduced Russian crude output is tightening global oil supplies, with processing runs dropping to 5.09 million bpd, the lowest in over 3.25 years due to Ukrainian attacks [3] - Concerns over the ongoing war in Ukraine may lead to additional sanctions on Russian energy exports, further reducing global oil supplies [4] - An increase in crude oil stored on stationary tankers rose by 6.8% week-over-week to 77.69 million barrels, which is bearish for oil prices [4]