October WTI Crude Oil futures broke above the August 25th swing high, signaling a possible technical breakout after an over 10% decline from July 30th to August 19th. The market's rally has been supported by expectations that OPEC+ may delay planned production increases at their upcoming meeting. Additionally, Russian oil giants Rosneft, Lukoil, and Gazprom reported significant profit declines in the first half of 2025 due to lower crude prices and global oversupply conditions, which have been exacerbated by OPEC+ unwinding its production cuts.