Crude Prices Sharply Lower on Prospects of Larger Global Oil Supplies

Group 1: Crude Oil and Gasoline Prices - November WTI crude oil closed down -2.27 (-3.45%) and November RBOB gasoline closed down -0.0471 (-2.37%) due to expectations of increased crude production from OPEC+ [1] - OPEC+ is considering raising its crude output level by +137,000 bpd starting November 1, which is expected to boost global oil supplies [1] - The outlook for higher crude production in Iraq, with a potential addition of 500,000 bpd to global markets, is also bearish for crude prices [2] Group 2: Demand and Supply Dynamics - Reduced crude demand from India, with August imports falling -2.9% y/y to 19.6 MMT, negatively impacts oil prices [3] - An increase in crude oil held on stationary tankers rose by +3.7% w/w to 81.95 million bbl, indicating a bearish trend for oil prices [3] Group 3: Geopolitical Factors - Concerns over the ongoing war in Ukraine may lead to additional sanctions on Russian energy exports, potentially reducing global oil supplies [4] - Ukraine's increased attacks on Russian refineries have curbed Russian crude exports, tightening global oil supplies, with flows dropping to 1.94 million bpd in early September, the lowest in over 3.25 years [5]