Key Facts
- Brent crude traded near US$101 a barrel and US crude (WTI) near US$89–90 on Wednesday 7 October, after reported Houthi attacks on Saudi airports; settlement prices were not verified (market reports).
- US commercial crude stocks fell by 3.19 million barrels last week to 424.1 million, against a forecast build of 1.9 million, the EIA reported.
- The oil fund USO fell 0.69% to US$143.91, while Petrobras rose 0.80% to US$23.99, Ecopetrol fell 1.95% and YPF 3.28% (RT).
- The G7 agreed to release up to 100 million barrels of emergency stocks, coordinated by the International Energy Agency.
- Prediction markets: Polymarket gives 90.5% to WTI touching US$90 in October and 53.0% to US$95 (US$1.1 million traded, as of 8:45 pm ET, 7 October). Bets, not forecasts.
Today’s Focus
Oil prices were choppy on Wednesday 7 October. Brent, the global benchmark, traded near US$101 a barrel, and West Texas Intermediate (WTI), the US benchmark, near US$89–90. We could not verify exchange settlements.
Saudi authorities said that airports in Jazan and Najran were targeted in attacks on Monday evening. The Saudi energy minister said that flows on the East-West pipeline had recovered to 5.8 million barrels a day.
Latin American oil shares were mixed. Petrobras rose, while Ecopetrol and YPF fell.
What matters today. Supply risk in the Gulf and emergency stocks from the G7 pull in opposite directions. Oil near US$100 helps Latin American exporters and feeds inflation worries in the United States.
01 The session in one read
The USO fund, which holds WTI futures, fell 0.69% to US$143.91 after trading as high as US$147.07. The weekly US inventory report showed a surprise draw.
The Energy Information Administration (EIA) said commercial crude stocks fell by 3.186 million barrels in the week to 2 October, to 424.1 million. Analysts had expected a build of about 1.9 million. Refineries ran at 92.7% of capacity.
WTI later gave up gains as a stronger dollar and recovering Middle East exports offset the draw, FXStreet reported.
The evidence points to a market that is nervous both ways. The US draw and Gulf attacks support prices, while emergency stocks and a firm dollar cap them.
We cannot confirm exact settlement prices from an exchange source. The variable to watch is how fast the G7 barrels reach refiners.
02 The board
The United States Oil Fund (USO) holds WTI futures. Latin American producers were mixed: Petrobras ADRs rose 0.80% to US$23.99, Ecopetrol fell 1.95% to US$16.63 and YPF fell 3.28% to US$49.48.
| Asset | Level | Change |
|---|---|---|
| USO oil fund (WTI proxy) | US$143.91 | -0.69% |
| Petrobras (NYSE) | US$23.99 | +0.80% |
| Ecopetrol (NYSE) | US$16.63 | -1.95% |
| YPF (NYSE) | US$49.48 | -3.28% |
Source: RT, close of 2026-10-07. Brent and WTI: market reports.
Brent and WTI levels in this wrap come from market reports, because RT has no continuous futures series for them. The EIA report also carries the EIA Cushing Crude Oil Stocks Change and the EIA Crude Oil Imports Change; we did not verify those two figures. Rio Times · Live Market Intelligence
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Latin America — Cross-Market Board
Instrument Last Change YoY Prev. High Low Volume
IBOV
204,302.33
-0.74%
+21.85%
205,835.29
168,310
167,142
—
IPSA
10,999.64
-1.47%
—
11,163.42
11,210
10,984
1,513,213,483
IPC MEX
64,460.91
-1.30%
+12.17%
65,312.46
66,121
65,405
108,886,187
MERVAL
2,824,123
-2.51%
+30.51%
3,022,485
3,042,365
2,991,150
—
COLCAP
2,534.92
-2.09%
—
9.04
9.05
9.02
4,133
BVL PERÚ
60,766.81
-1.71%
—
—
—
—
—
USD/BRL
5.16
+0.01%
-5.13%
5.16
5.18
5.14
—
EUR/BRL
5.95
+1.01%
-5.83%
5.89
5.98
5.94
—
USD/MXN
17.06
-0.24%
-8.58%
17.10
17.08
17.01
—
USD/CLP
913.98
+0.04%
-5.67%
913.65
915.11
906.68
—
USD/COP
3,140
+0.03%
-22.04%
3,139
3,141
3,105
—
USD/PEN
3.36
-0.66%
-4.82%
3.38
3.38
3.35
—
USD/ARS
1,493
+0.10%
+12.96%
1,491
1,494
1,480
—
USD/UYU
40.27
+1.24%
+1.80%
39.77
40.27
40.23
—
USD/PYG
5,939
+1.68%
-19.54%
5,841
5,939
5,925
—
USD/BOB
11.64
-0.76%
+72.04%
11.73
11.72
11.64
—
USD/DOP
58.34
+1.25%
-3.44%
57.62
58.34
58.04
—
USD/CRC
445.92
+0.89%
-9.71%
441.97
448.50
445.92
—
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03 What moved it
Saudi authorities said two attacks hit airports in Jazan and Najran on Monday evening, injuring three people, as fighting between the kingdom and Yemen’s Houthis escalated. The energy minister said that pipeline flows had recovered to 5.8 million barrels a day.
The G7 agreed to release up to 100 million barrels of diesel and crude from emergency reserves, with the International Energy Agency coordinating.
Wall Street fell and the dollar rose, which usually weighs on dollar-priced commodities.
04 The Latin American read
High oil prices help exporters such as Brazil, Colombia, Ecuador, Guyana and Argentina. Petrobras rose 0.80% in New York.
YPF, Argentina’s largest oil company, fell 3.28% as Argentine shares fell sharply, with the Merval down 2.51%. Ecopetrol, Colombia’s state-controlled producer, fell 1.95% on a day of broad losses in Colombian assets.
05 The names to watch
Petrobras is Latin America’s biggest listed oil company. It rose in São Paulo by 0.95% against a falling index.
Ecopetrol and YPF depend on prices near current levels for investment plans in Colombia and Argentina’s Vaca Muerta basin.
06 The outlook
The next move depends on how the market absorbs the emergency barrels and on whether Saudi supply stays safe.
For Latin American producers, a Brent price above US$90 keeps deepwater and shale projects attractive.
What Prediction Markets Say
Polymarket’s market on what WTI will hit in October priced a touch of US$90 at 90.5%, US$95 at 53.0% and US$100 at 28.5%, with US$1.1 million traded (read at 8:45 pm ET on 7 October). A touch of US$85 on the downside was priced at 69.5%.
These prices are bets on price levels, not forecasts.
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
- G7 release details: How fast the 100 million barrels reach refiners will set the physical market tone.
- Saudi security: Further attacks on Saudi facilities would push prices up.
- US inventories: The next weekly EIA report will show whether Wednesday’s draw continues.
- Latin American producers: Petrobras, Ecopetrol and YPF shares will show whether investors see current prices as lasting.
Background: Brent Edges Up 0.7% to US$101 as Petrobras Falls | Oil, Oct 6.
Frequently Asked Questions
Where did oil trade on 7 October?
Brent traded near US$101 a barrel and WTI near US$90, according to market reports. We could not verify exchange settlements.
What did the EIA report?
US commercial crude stocks fell by 3.186 million barrels in the week to 2 October, to 424.1 million, against an expected build of about 1.9 million.
What is the G7 oil release?
The G7 agreed to release up to 100 million barrels of diesel and crude from emergency reserves, with the International Energy Agency coordinating.
How did Latin American oil shares do?
Petrobras rose 0.80% in New York, while Ecopetrol fell 1.95% and YPF 3.28%.
Market data: RT; oil prices: market reports; inventories: US Energy Information Administration; prediction markets: Polymarket (as of 8:45 pm ET, 7 October 2026)
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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