"Supply Boost from Russia and Saudi Arabia Sends Oil Prices Plummeting"

Oil prices fell as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday. Brent November futures were down 21 cents to $95.17 per barrel, while U.S. West Texas Intermediate crude (WTI) fell 8 cents to $91.63 per barrel. The market is currently tight with the combined cuts of 1.3 million barrels per day to the end of the year by Saudi Arabia and Russia, part of OPEC+. Russia recently eased its separate ban on fuel exports, and analysts do not expect restrictions to stay for long. Recent macroeconomic data and China's Golden Week holiday were supportive for global oil demand.