🛢️ Oil Prices Slide as Rising OPEC+ Production Offsets Middle East Supply Risks.
Crude oil prices declined on Thursday, November 12, as expectations of renewed global supply and progress toward diplomatic negotiations between the US and Iran weighed on energy markets. Brent crude futures fell 0.4% to $92.39 per barrel, while US West Texas Intermediate (WTI) dropped 0.43% to $86.16.
The bearish pressure intensified after OPEC reported that its October crude production increased by 1.96 million barrels per day to 27.16 million barrels per day. Saudi Arabia led the recovery, raising output to 10.56 million barrels per day from 8.37 million in September. Meanwhile, diplomatic efforts involving Iran and Russia-Ukraine have raised expectations of improved energy supply flows.
Despite the decline, geopolitical risks remain significant. Attacks on commercial shipping through the Strait of Hormuz continue to threaten global oil transportation. Investors are now balancing recovering production against persistent supply disruptions, making diplomatic developments and upcoming US inventory data crucial catalysts for Brent and WTI prices.
$CL
$BZ
Crude oil prices declined on Thursday, November 12, as expectations of renewed global supply and progress toward diplomatic negotiations between the US and Iran weighed on energy markets. Brent crude futures fell 0.4% to $92.39 per barrel, while US West Texas Intermediate (WTI) dropped 0.43% to $86.16.
The bearish pressure intensified after OPEC reported that its October crude production increased by 1.96 million barrels per day to 27.16 million barrels per day. Saudi Arabia led the recovery, raising output to 10.56 million barrels per day from 8.37 million in September. Meanwhile, diplomatic efforts involving Iran and Russia-Ukraine have raised expectations of improved energy supply flows.
Despite the decline, geopolitical risks remain significant. Attacks on commercial shipping through the Strait of Hormuz continue to threaten global oil transportation. Investors are now balancing recovering production against persistent supply disruptions, making diplomatic developments and upcoming US inventory data crucial catalysts for Brent and WTI prices.
$CL
$BZ
