DTN Oil Update
WTI Crude at 1-Week High Near $63; Overlooks US Crude Stocks Build
SECAUCUS, N.J. (DTN) -- The rebound in oil prices extended to a fifth straight day Wednesday (10/8/25) as market participants shrugged off U.S. EIA data showing a second consecutive weekly build in crude stocks, focusing instead on the demand for fuel.
In crude oil futures, NYMEX-traded WTI for November delivery rose $0.82 to $62.55 barrel (bbl), hitting a one-week high at $62.92 bbl.
ICE Brent crude for December delivery was up $0.86 at $66.31 bbl, after a one-week peak at $66.54 bbl.
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Both crude benchmarks hit 4-month lows last week, with WTI falling to $60.40 bbl and Brent to $64 bbl.
Downstream, November RBOB gasoline futures increased $0.0167 to $1.9106 gallon, while front-month ULSD futures rose $0.0288 to $2.2941 gallon.
The rally in oil and other commodities came despite the U.S. Dollar Index rising 0.451 points to 98.735, reaching an August high against a basket of foreign currencies.
Specifically, the 4% recovery in WTI and Brent pricing from last week's lows was partly triggered by opinion among some in the market that crude prices had overreacted to fears of a supply glut.
The oversupply concerns had been exacerbated by back-to-back OPEC+ production hikes for October and November, and the return of 200,000 bpd or more of Kurdish oil previously suspended from export markets since 2023.
The oil market comeback gathered momentum after the Energy Information Administration reported on Wednesday declines in U.S. gasoline and distillate fuel oil stocks for the week ended October 3, even commercial crude oil inventories increased.
Distillate fuel oil inventories posted the largest decline among the major products, falling by 2 million bbl to 121.6 million bbl, reversing last week's modest build, EIA data showed.
Total motor gasoline inventories also fell, dropping by 1.6 million bbl to 219.1 million bbl, after a build the prior week.
Commercial crude stocks, meanwhile, rose by 3.7 million bbl to 420.3 million bbl for the week ended Oct. 3, extending the prior week's build of 1.8 million bbl. The increases are closing the gap with 2024 inventories, with total U.S. crude stocks now about 2.4 million bbl below year-ago levels.
Despite that, crude stocks at Cushing, Oklahoma, the delivery point for WTI, fell by 800,000 bbl to 22.7 million bbl, marking a second straight weekly draw.