Oil prices rise on global supply concerns

Business Oct 07, 2025

Oil prices ticked up on Tuesday, as markets reacted to fresh worries about global supply.
The move came after Ukraine targeted one of Russia's biggest oil refineries for the second time this month, pushing Brent crude to $65.65 a barrel and WTI to $61.86.
On India's MCX, October crude futures rose slightly to ₹5,502.

Factors influencing oil prices

Ukraine's strike on the Kinef refinery could delay repairs by about a month, according to some market reports, as cited in ING Think's Commodities Feed.
Meanwhile, OPEC+ is keeping production steady with a small increase for November—hoping to balance out possible surpluses ahead.
To top it off, the ongoing US government shutdown since October 1 is adding more economic uncertainty and could keep oil prices jumpy for now.