World oil price today October 2, 2025: Down to the lowest level since early September
World oil prices today October 2, 2025: Oil prices plummeted, hitting their lowest level since early September as OPEC+ considered increasing production and demand in the US declined.
Global energy markets on October 2 recorded oil prices continuing to slide, extending the decline from the previous two sessions. Investors are closely monitoring plans to increase production from OPEC+ along with signs that fuel demand in the US and Asia is weakening.
During the trading session, Brent crude oil futures for December delivery fell 56 cents, or 0.9%, to $65.47 a barrel. US West Texas Intermediate (WTI) crude for November delivery also lost 53 cents, to $61.84 a barrel.
This is the lowest level since early September, after prices plunged more than 3% earlier in the week and continued to lose another 1.5% in Tuesday's session.
OPEC+ is considering raising production by around 500,000 barrels per day in November, three times the increase in October, as Saudi Arabia looks to regain market share, sources said. However, OPEC said in a post on X that reports of such a production increase were misleading.
In addition, the American Petroleum Institute (API) report said that in the week ending September 26, US crude oil inventories decreased but gasoline and distillate reserves increased, reflecting unstable fuel consumption demand.
Weak Asian demand and impact from global politics
In Asia, the world's biggest oil consuming region, industrial production data showed manufacturing activity in many major economies contracted in September, raising growing concerns about energy demand.
In addition, record US oil production, caution ahead of the upcoming OPEC+ meeting and the US government shutdown due to budget disagreements have also contributed to the market's pessimism. According to experts, the US government shutdown has caused many important economic reports, including the September jobs report, to be postponed, increasing the uncertainty.
Another factor adding to the volatility in the oil market is the supply situation from Russia. Ukraine’s attacks on oil infrastructure have disrupted exports from Moscow, while analysts say US-Russia talks aimed at improving relations could take place later this fall.
