Oil prices rose nearly 1% during today’s trading, Wednesday, October 8 (2025), continuing to reap gains for the fourth session amid signs of declining supplies.
Investors ignored fears of excess supply, after absorbing the decision of the 8 OPEC+ countries to restrict production increases next month.
The 8 countries in the OPEC+ alliance will add about 137,000 barrels per day on a monthly basis for 12 months, to end their voluntary cuts, which they began implementing in May 2023, and were supposed to continue until the end of December 2026.
Yesterday, Tuesday, October 7, oil prices ended their trading at an increase, continuing to reap gains for the third session in a row, amid fears of a shortage of supplies and increased demand globally.
Oil prices today
By 05:59 AM GMT (08:59 AM Mecca time), futures prices for benchmark Brent crude, for December 2025 delivery, rose by 0.83%, reaching $65.97 per barrel.
The futures prices for US West Texas Intermediate crude, for delivery in November 2025, also increased by 0.87% to $62.27 per barrel, according to figures monitored in real time by the Specialized Energy Platform (based in Washington).
The two benchmarks (Brent and West Texas Intermediate) ended last session marginally higher by 0.03% and 0.06%, respectively, with investors assessing indicators of oversupply against a smaller-than-expected increase in November production from OPEC+.
The US Energy Information Administration raised oil price forecasts in 2026, as the average spot price of Brent crude is expected to reach $52.16 per barrel during 2026, compared to the September 2025 estimate of $52.43.
The Energy Information Administration also raised its estimate for the price of US West Texas Intermediate crude to $48.16 per barrel in 2026, compared to $47.77 in previous expectations.
Oil price analysis
“The market is witnessing a state of uncertainty, with one side leaning towards the possibility of an oversupply, while the other side believes that production will not increase as quickly as expected,” said Imril Jamil, senior analyst at LSEG Oil Research, on the oil price analysis.
Jameel added that oil prices are trading at higher levels at the present time, as some traders maintain long-term buying positions, or bet on rising prices, against the backdrop of continued efforts to limit Russian oil flows.
OPEC+ countries chose an increase of 137 thousand barrels per day, which is lower than analysts’ expectations of an increase of up to 500 thousand barrels per day.
“Until the physical market shows signs of weakness through rising inventories, investors are likely to discount the impact of production increases,” analysts at ANZ said on Wednesday.
However, oil price gains were limited by easing fears of Russian supply disruptions, with crude oil shipments holding near a 16-month high over the past four weeks, according to ANZ Bank analysts.
Investors are also awaiting US oil inventory data from the Energy Information Administration later on Wednesday.
Data from the American Petroleum Institute showed that US crude inventories rose by 2.78 million barrels in the week ending October 3. On the other hand, gasoline and distillate inventories decreased.
Meanwhile, US oil production is likely to reach a higher record this year than previously expected, according to the US Energy Information Administration.
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