Industry at a glance ///

After a relatively stable month in September, crude oil benchmarks rallied in early October on expectations of lower U.S. output and rising tension in the Middle East. On Oct. 8, both standards closed higher, with ICE Brent trading at $53.55/bbl and NYMEX WTI at $49.67/bbl. During the second half of the month, both benchmarks slipped back and were trading in a lower range, similar to the previous month. World oil supply held steady near 96.6 MMbpd in September, as lower non-OPEC production was offset by an increase in OPEC crude. The U.S. rotary rig count has continued to drop, averaging 797 rigs in October. The international rig count rose to an average of 1,329 in September led by an 11-rig gain in the Middle East.

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