World oil price today October 3, 2025: Down to 4-month low
World oil prices today October 3, 2025: Oil prices continue to fall, Brent hits bottom since June due to oversupply pressure and expectations of OPEC+ increasing production next month
In the trading session on October 3, world oil prices continued to decline for the fourth consecutive day. Brent crude futures fell 58 cents, or 0.9%, to $64.77 a barrel, the lowest level since early June. Similarly, US WTI crude oil also fell 57 cents to $61.21 a barrel.
These are the lowest prices in four months, reflecting investors' concerns about oversupply.
OPEC+ may decide to raise production by up to 500,000 barrels per day in November, three times the increase in October, according to sources.
The move is believed to stem from Saudi Arabia's efforts to regain market share in the global oil market. The prospect of a sharp increase in supply has put further downward pressure on oil prices.
Besides concerns about oversupply, the Russia-Ukraine tension continues to be a factor attracting attention. The US is said to support Ukraine by providing intelligence information for long-range missile attacks on Russia's energy infrastructure.
If refineries, pipelines and oil export systems are disrupted, the market could be volatile. However, analysts say that until there is an actual incident, the impact on oil prices will be limited.
On the other hand, the demand for crude oil reserves in China - the world's largest oil importer - has partly helped limit the decline in oil prices.
However, the latest report from the US Energy Information Administration (EIA) showed that US crude oil, gasoline and distillate inventories all increased last week, due to slowing refining activity and demand.
This continues to be a factor that puts the oil market under pressure in the short term.