DTN Oil Update

Barani Krishnan
DTN Refined Fuels Market Reporter

SECAUCUS, N.J. (DTN) -- Oil futures fell Tuesday, Nov. 4, as market participants focused on the continued strength of the dollar, which depressed prices across commodity markets. Worries about high supplies persisted as well despite an OPEC+ decision to pause planned production hikes for the first quarter of 2026.

Market focus is also on the American Petroleum Institute's reporting at 4:30 p.m. EST of oil inventory numbers for the week ended Oct. 31.

The NYMEX WTI futures contract for December delivery was down $1.01 to $60.04 bbl, after hitting a session low at $59.94, beneath the key $60 mark.

ICE Brent for December delivery fell $0.94 to $63.95 bbl. The session low for Brent was $63.82, well beneath the key $65 mark.

Downstream, the front-month ULSD futures dipped $0.0158 to $2.3895 gallon while November RBOB gasoline futures $0.0228 to $1.8933 gallon.

The U.S. Dollar Index rose 0.173 points to 99.885 against a basket of foreign currencies, after hitting a late July high of 100.02.

Concerns about oil supplies returned despite eight OPEC+ countries -- Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- announcing at the weekend that they will not increase crude exports from January to March 2026.

The pause comes after their decision to increase December output by 137,000 barrels per day, continuing a gradual rollback of voluntary output cuts of 1.65 million bpd that were first announced in April 2023.

Oil markets have also been pressured over the last three months by surging U.S. production, which hit a record high of 13.8 million bpd in August.