Global oil markets continue to show a downward trend in prices for the third consecutive month. As of October 31, 2025, futures for the benchmark Brent crude oil fell by 0.6%, or 38 cents, to $64.62 per barrel, while US West Texas Intermediate (WTI) crude oil fell by the same 0.6%, to $60.19 per barrel, Reuters reported.

One of the key factors in the price decline is the strengthening of the US dollar, which is approaching a three-month high against major currencies. A strong dollar makes oil more expensive for international buyers, reducing demand for raw materials on the global market.

The deterioration in industrial activity in China is also affecting prices. The country’s industrial sector has contracted for the seventh consecutive month, signaling weaker domestic demand for energy and putting additional pressure on global prices. Analysts expect Brent and WTI prices to fall by about 3.5% in October.

The increase in supply on the market is supporting the decline in prices. OPEC+ countries, seeking to maintain market share, are increasing production. Only eight members of the alliance have already increased their targets by more than 2.7 million barrels per day, which mitigates the effect of Western sanctions on Russian oil exports to China and India.

Saudi Arabia is particularly active, which can reduce the price of December oil for Asian buyers to multi-month lows due to large inventories. In August, Saudi crude oil exports reached a six-month high of 6.407 million barrels per day. Meanwhile, the United States recorded a record production of 13.6 million barrels per day last week, according to the Energy Information Administration.

Another potential factor influencing the market is the agreement between the United States and China. US President Donald Trump announced that China has agreed to purchase American energy resources, including oil and gas from Alaska. However, experts are skeptical about how much this agreement will actually increase Chinese demand for American raw materials.

Overall, the combination of a strong dollar, weak demand from China and increased production in OPEC+ and the United States is putting pressure on global oil prices, which is likely to continue the downward trend in the coming months.