Oil Fund Rises 1.64% as Petrobras Slips 1.21% | Oil, Oct 28
Key Facts
- The US Oil Fund (USO), a fund tracking WTI, the US crude benchmark, rose 1.64% to US$166.57 on Wednesday, October 28, and the Brent-based fund BNO gained 0.67%.
- US crude stocks fell 1.89 million barrels last week, when a small rise had been expected; gasoline stocks rose 3.87 million.
- Ecopetrol rose 2.26% to US$17.68 and YPF 1.84% to US$49.34, while Brazil’s Petrobras fell 1.21% to US$22.03.
- Crude prices rose roughly 2%, with WTI near US$102 a barrel.
- Prediction markets: Polymarket, a prediction market, puts 39.0% on WTI crude touching US$105 in October, as of 28 October 2026, 8:47 pm ET.
Today’s Focus
Oil rose on Wednesday as US inventories shrank more than expected. The US Oil Fund, which tracks WTI crude futures, gained 1.64% to US$166.57.
The US Energy Information Administration, the US government’s statistics agency, reported that commercial crude stocks fell 1.9 million barrels to 410.6 million barrels, while traders had expected a small rise.
Latin American producers split. Colombia’s Ecopetrol and Argentina’s YPF rose, while Brazil’s Petrobras slipped.
What matters today. Oil above US$100 a barrel raises petrol prices for American drivers and boosts the budgets of Brazil, Colombia, Argentina, Guyana and Mexico, so crude moves ripple across the Americas.
01 The session in one read
WTI crude rose roughly 2% on Wednesday to about US$102 a barrel, and the USO fund closed at US$166.57, up 1.64%. The Brent fund BNO gained 0.67% to US$70.14.
Official weekly data supported prices. Commercial crude stocks fell by 1.9 million barrels to 410.6 million barrels, according to the US Energy Information Administration (EIA).
Gasoline stocks rose by 3.9 million barrels to 209.2 million, which limited the gain.
A crude draw when a build was expected, and a fall in distillates, support prices, but the large gasoline build is a sign of soft fuel demand. The mix explains why oil rose about 2% and not more.
The variable to watch is next week’s gasoline data and any Gulf supply news, which could push prices either way.
02 The board
The EIA data on the day: crude stocks fell 1.892 million barrels (previous week: −3.06 million). Distillates, which include diesel, fell 1.462 million barrels.
Stocks at Cushing, the Oklahoma hub where US crude futures are delivered, fell 0.624 million barrels to 26.97 million, while crude imports rose by about 0.6 million barrels a day, according to the EIA.
| Asset | Level | Change |
|---|---|---|
| WTI crude (USO fund) | US$166.57 | +1.64% |
| Brent crude (BNO fund) | US$70.14 | +0.67% |
| Petrobras | US$22.03 | −1.21% |
| Ecopetrol | US$17.68 | +2.26% |
| YPF | US$49.34 | +1.84% |
Source: RT close, 2026-10-28. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 171,006.10 | -2.68% | +19.56% | 175,710.05 | 178,526 | 175,157 | — |
| IPSA | 10,677.88 | -0.82% | — | 10,766.07 | 10,722 | 10,633 | — |
| IPC MEX | 68,960.68 | -1.08% | +12.74% | 69,711.87 | 70,008 | 69,383 | 49,372,306 |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,505.79 | -0.03% | — | — | — | — | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| EUR/BRL | 5.95 | +7.53% | -4.87% | 5.54 | 6.04 | 5.92 | — |
| USD/MXN | 18.69 | +0.62% | +1.45% | 18.57 | 18.69 | 18.54 | — |
| USD/CLP | 983.47 | -0.57% | +5.64% | 989.13 | 991.87 | 979.07 | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| USD/PEN | 3.45 | +0.17% | +3.85% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,537 | -0.28% | +3.77% | 1,541 | 1,541 | 1,537 | — |
| USD/UYU | 40.21 | +3.57% | +2.29% | 38.83 | 40.21 | 40.08 | — |
| USD/PYG | 5,803 | +3.78% | -16.54% | 5,592 | 5,803 | 5,735 | — |
| USD/BOB | 11.97 | +4.93% | +77.92% | 11.41 | 11.97 | 11.82 | — |
| USD/DOP | 60.54 | +1.83% | -4.34% | 59.45 | 61.14 | 59.85 | — |
| USD/CRC | 451.24 | +2.13% | -7.80% | 441.83 | 451.40 | 450.04 | — |
| USD/GTQ | 7.64 | +3.23% | +2.18% | 7.40 | 7.64 | 7.64 | — |
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03 What moved it
The weekly inventory report was the main driver. A fall in crude and distillate stocks signals tight supply, while the gasoline build of 3.87 million barrels signals weaker demand.
The US Federal Reserve, the US central bank, held its rate at 3¾% to 4%, with two voters preferring a quarter-point rise, and the dollar index slipped 0.16%.
We could not confirm other news items for the day, so we do not attribute the rally to any geopolitical headline.
04 The Latin American read
Brazil’s Petrobras fell 1.21% in New York, in line with a 2.68% drop in the Ibovespa, even though oil rose.
Colombia’s Ecopetrol gained 2.26%, and the COLCAP index was flat at −0.03%. Argentina’s YPF rose 1.84% and Vista Energy 1.03%, both tied to the Vaca Muerta shale field.
Mexico’s Pemex is not listed, and Guyana’s output is held by foreign partners, so neither has a direct listed proxy in our data.
05 The names to watch
YPF and Ecopetrol behaved like high-beta oil plays. Petrobras diverged because Brazil’s market was under pressure.
The US Oil Fund is the simplest way for a US investor to follow WTI, though it holds futures across several months and can lag the spot price.
06 The outlook
Oil is likely to stay sensitive to US inventory data and to Fed signals. Another gasoline build would cap the rally.
Prediction markets give a 39.0% chance that WTI touches US$105 in October, which would need another gain of roughly 3%.
What Prediction Markets Say
On Polymarket, a prediction market, traders put the chance that WTI crude oil touches US$105 at some point in October 2026 at 39.0%. They see a 5.8% chance of a fall to US$95 and 3.5% for a rise to US$110. About US$5.1 million has been traded on this market, as of 28 October 2026, 8:47 pm ET.
Prices on prediction markets are bets, not polls or forecasts by officials.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
07 What to watch
- Next EIA report: Another gasoline build would signal weak demand.
- The dollar: A softer dollar supports crude.
- Petrobras: Whether the share recovers with Brazil’s market.
- US fuel prices: Gasoline prices matter for American drivers.
Frequently Asked Questions
Why did oil rise on Wednesday?
US crude and distillate stocks fell when a small crude build had been expected. WTI rose roughly 2% to about US$102.
What does the US Oil Fund track?
It tracks WTI crude futures, so it moves with US crude prices but can lag the spot price.
Which Latin American oil companies rose?
Ecopetrol of Colombia rose 2.26% and YPF of Argentina 1.84%. Petrobras of Brazil fell 1.21%.
Why did gasoline stocks matter?
A build of 3.87 million barrels points to soft US fuel demand.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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