Oil Market Analysis – Thursday, October 1, 2026

A combination of geopolitical and regulatory factors has driven a slight decline of approximately 1% in oil prices today, Thursday, October 1, 2026, as acute concerns regarding supply chains ease and markets await the upcoming OPEC+ meeting.

Brent crude futures are trading near $97.00–$97.30 per barrel, while US West Texas Intermediate (WTI) crude has fallen to trade around the $89.15–$89.60 per barrel range.

1. Key Market Drivers Today

- Recovery of Arabian Gulf Shipments: Data indicates a return to stable oil export flows from the Arabian Gulf region, following recent concerns regarding coordination and diplomatic tensions.

- Rise in US Inventories: Prices fell in response to an unexpected increase in US crude oil inventories, providing a brief respite and temporarily cooling prices.

- Anticipation of the OPEC+ Meeting: Attention is focused on the upcoming OPEC+ meeting this weekend, with expectations pointing toward maintaining production quotas unchanged for November.

2. Technical and Analytical Levels for Today

Brent Crude

- Intraday trading range: Between a local low of $96.80 and a near-term high of $98.50.

Support levels:

- First support: $96.20 – $96.50

- Second support: $94.50 (if selling pressure persists).

Resistance levels:

- First resistance: $98.50 – $99.00

- Second resistance: $100.00 – $101.50 (a key psychological zone for the bulls).

West Texas Intermediate (WTI)

Intraday trading range: Fluctuating between $89.10 and $90.60.

Support levels:

- First support: $88.50 – $89.00

- Second support: $85.00 – $86.00

Resistance levels:

- First resistance: $91.20 – $92.50

- Second resistance: $95.00

3. Expected Scenarios

- Positive Scenario (Bullish): If Brent crude breaks above the $98.50 mark—amid renewed concerns regarding monetary policy and ongoing tensions—prices could once again test and surpass the $100 level in the near term.

- Negative Scenario (Bearish): If WTI crude breaks below the $88.50 level and sustains that position, it could trigger further corrective pressure, targeting a test of the $85.00 level.