Oil Futures Fall 1.30%, Gold Drops 1.11% and Bitcoin Loses 2.65%

Commodities and bitcoin declined on Wednesday, Oct. 7. WTI crude oil futures (CLUSD) fell 1.30% to $88.28 from $89.44 at the Oct. 6 close, a drop of $1.16. FRED's WTI spot price was $95.02 for the day.

Weekly inventory data from the EIA showed crude oil stocks fell by 3.186 million in the week to Oct. 2, against an estimate for a 1.7 million build and a prior-week increase of 0.922 million. Gasoline stocks rose 0.382 million versus an expected 1.7 million draw, and distillate stocks slipped 0.042 million compared with a forecast 2.1 million decline. Cushing stocks increased by 0.444 million, and refinery utilization edged up 0.2%. Gasoline production fell 0.117 million and distillate fuel production rose 0.287 million, while crude oil imports declined 0.053 million.

Gold (GCUSD) fell 1.11% to $4,140.70, a decline of $46.40. Bitcoin dropped 2.65% to $83,275.06, down $2,264.71 from its Oct. 6 close. The UUP dollar fund rose 0.48% to 29.04, and the Fed's broad dollar index was 121.26.

Several headlines touched on energy. Fox Business aired a segment titled “‘Oil will DROP LIKE A ROCK' after Iran war ends: President Trump,” and CNBC reported “Trump says he is not keen on a deal with Iran as U.S. reportedly prepares for 'massive bombing'.” Reuters reported “Isaias intensifies into first Atlantic hurricane of 2026.”

In equities, the Energy sector fund XLE fell 0.61% to 63.36, and Materials (XLB) lost 1.51%.

Data

Data: FMP, FRED. Figures are close-to-close unless stated.

In the news

• Fox Business: ‘Oil will DROP LIKE A ROCK' after Iran war ends: President Trump
• CNBC: Trump says he is not keen on a deal with Iran as U.S. reportedly prepares for 'massive bombing'
• Reuters: Isaias intensifies into first Atlantic hurricane of 2026