In October, the two main benchmark crude oils, Brent and West Texas Intermediate, fell by 2.6% and 2% respectively. The markets are awaiting an OPEC+ decision, as well as US military movements off the coast of Venezuela, to determine the direction of prices at the beginning of November.
Oil Prices Drop Amid OPEC+ and Venezuela Tensions
Oil prices fell for Brent and WTI in October. Markets are closely watching the upcoming OPEC+ decision and US military activity off the Venezuelan coast, which will determine further oil price dynamics in early November.