WTI Crude oil prices slipped toward $60 per barrel by the end of October and ended month around 3% lower amid surging global output ahead of the OPEC+ policy meeting. Throughout 2025, oil has struggled to find firm footing, trading in a wide range between $80.77 and $55.12 per barrel. Despite intermittent rebounds driven by geopolitical tensions, the broader trend has remained distinctly bearish. WTI crude has plunged nearly 25% year-to-date from its January highs near $81, as mounting evidence of oversupply, record output levels, and slowing global demand continued to suppress sentiment. The US Energy Information Administration or EIA has stated that US crude oil refinery inputs averaged 15.2 million barrels per day during the week ending October 24, 2025, which was 0.5 million barrels per day less than the previous week’s average. Refineries operated at 88.6% of their operable capacity last week. Gasoline production decreased last week, still averaging 9.6 million barrels per day. Distillate fuel production decreased by 134 thousand barrels per day last week, averaging 4.5 million barrels per day. The US crude oil imports averaged 5.1 million barrels per day last week, decreased by 867 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7 million barrels per day, 5.3% less than the same four-week period last year.
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