International crude oil prices fell about 2% on October 2, closing at a four-month low after four consecutive trading days of declines. Market concerns mounted over OPEC+ potentially agreeing to boost output by up to 500,000 barrels per day in November, which is three times the October increase.

Additionally, the US Energy Information Administration (EIA) reported on October 1 that US crude, gasoline, and distillate inventories increased last week amid declining refinery activity and demand.

West Texas Intermediate (WTI) crude for November delivery decreased by US$1.30 (2.1%), reaching US$60.48 per barrel on the New York Mercantile Exchange. Brent crude for December delivery fell by US$1.24 (1.9%), settling at US$64.11 per barrel.