https://www.instagram.com/vanessaclarkipaiThis is your Daily Crude Oil Price Tracker with Vanessa Clark podcast.Welcome to the Daily Crude Oil Price Tracker. I’m Vanessa Clark, bringing you the latest scoop on global crude oil prices, market movers, and what it all means for your wallet and the wider economy.It’s Friday, October thirty-first, twenty twenty-five, and here’s where we stand. West Texas Intermediate, or WTI crude oil, is currently trading around sixty dollars and thirty-nine cents per barrel, while Brent crude sits at about sixty-four dollars and forty-nine cents per barrel. Both benchmarks are at their lowest levels in years, marking a pretty steep drop of over ten percent compared to last year.So, what’s driving this sustained slump in oil prices? It’s a classic case of supply rising faster than demand. The United States, Brazil, and Canada have all ramped up production. In fact, the United States is hitting record output at thirteen point six million barrels per day, making it a global leader. OPEC and its allies, known as OPEC Plus, have also started increasing production after several years of cuts that were meant to prop up prices. Just this month, OPEC Plus approved another output hike for December, adding an extra one hundred thirty-seven thousand barrels per day. This marks the ninth consecutive monthly increase, all in an effort to grab more market share and respond to shifting demand forecasts.On the demand side, things have slowed down. The United States economy shrank slightly in the first quarter of this year, spooking investors and raising concerns about a possible recession. Over in China, oil demand has been sluggish. The rise of electric vehicles and ongoing economic uncertainty mean China’s once-unstoppable appetite for oil isn’t what it used to be. This weaker demand, especially in big economies like China and Japan, is adding even more downward pressure on prices.Now, what does all this mean for everyday consumers? Lower crude prices usually work their way to the gas pump, giving drivers some relief in the form of cheaper fuel. But for oil-producing countries and the energy sector, it’s less rosy. Budget pressures are building, future investments are being put on hold, and oil-dependent economies are tightening their belts.Looking ahead, OPEC is hinting at more flexible policies—they’ll keep tweaking output as needed to avoid wild swings in the market. Analysts are divided on what the future holds. Some expect a supply surplus going into next year if these output hikes continue and demand doesn’t rebound, while others believe the market could find a better balance if global growth picks up steam.For those following crude oil as investors, traders, or just curious news-watchers, keep an eye on the next OPEC Plus meetings and any signals from the world’s top energy consumers. These will set the stage for prices moving into twenty twenty-six.That wraps up your daily rundown on crude oil prices for October thirty-first. I’m Vanessa Clark. Thanks so much for tuning in to Daily Crude Oil Price Tracker. If you found this helpful, be sure to subscribe, and join me next time for everything you need to stay ahead in the world of energy. Have a great day and drive safe.For more http://www.quietplease.aiCheck out Vanessa on Instagram https://www.instagram.com/vanessaclarkipaiFor some deals, check out https://amzn.to/4hSgB4rThis content was created in partnership and with the help of Artificial Intelligence AI

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