Commodities

Crude Oil and Gasoline Prices Dip on Dollar Strength and Saudi Cuts

Guavy AI Editorial Team Published October 6, 2026

Instruments

Oil

Crude oil prices are showing weakness today, with November WTI crude oil (CLX26) down 0.09 (-0.10%) and November RBOB gasoline (RBX26) falling 0.0367 (-1.11%). The decline comes as the dollar index ($DXY) reaches a 1.5-year high, making oil more expensive for holders of other currencies.

Adding to the downward pressure, Saudi Arabia cut the price of its Arab light crude to Asian customers for November delivery by more than expected. The move surprised some market watchers and contributed to the drop in crude prices.

Despite these losses, the decline in crude oil prices is limited by geopolitical tensions. Saudi-backed Yemeni government forces have launched a full-scale military attack to recapture Houthi-held territory in Yemen, raising concerns about supply disruptions.

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