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Crude oil futures settle sharply lower on Thursday

03 Oct 2025 Evaluate

Crude oil futures settled sharply lower on Thursday amid continued concerns over access supply ahead of OPEC+ members’ meeting to discuss production hike for November. The reports indicating OPEC+ may approve a 137,000 barrels per day increase in output for November in its upcoming meeting on October 5 has weighed on crude oil prices. Besides, the long-term impact of the ongoing U.S. government shutdown made the investors nervous.

Benchmark crude oil futures for November decreased $1.30 or 2.10% at $60.48 a barrel on the New York Mercantile Exchange. Brent crude for December delivery slumped $1.24 or 1.90% to settle at $64.11 a barrel on London's Intercontinental Exchange.