Crude oil and refined product futures were trading lower at midday Tuesday, as concerns over potential production increase by OPEC and allied producers appeared to offset a potential drop in Russian exports.
The NYMEX November West Texas Intermediate contract was about 95cts lower at$62.50/bbl at about 11:55 a.m. ET and the December WTI contract was down by about as much to $62.05/bbl.
The ICE November Brent contract was off by 75cts to $67.20/bbl and December Brent was 65cts lower at $66.45/bbl.
The more-active NYMEX November RBOB contract was down 1ct to $1.9315/gal and October RBOB was 1.5cts lower at $1.98/gal. The November ULSD contract was 1.45cts lower at $2.334/gal and October ULSD was off by 1.85cts to $2.338/gal.
Both oil benchmarks fell by about $2 on Monday, following media reports that OPEC+ may approve another production increase for November when it meets on Sunday.
Monday's drop in oil contracts erased much of last week's gains. Goldman Sachs on Tuesday said the possibility of another increase in OPEC+ output was outweighing a potential decline in Russian production.
The eight OPEC+ members earlier this month agreed to increase output in October 137,000 b/d.
Russia last week said it would ban diesel exports amid domestic fuel shortages and price hikes following repeated attacks by Ukraine's military on the country's oil infrastructure.
In U.S. cash refined product markets, Chicago gasoline prices were trading about 4cts higher, while products in other regions were tracking futures.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
September 30, 2025 12:42 ET (16:42 GMT)
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