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2026-11-09T09:58:30.000Z

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Oil Dips on Supply Relief

Oil Dips on Supply Relief

Oil prices fell at the start of trading on Monday as fears of escalating tensions in the Middle East eased. Brent crude slipped 0.85% to $97.48 a barrel, while West Texas Intermediate fell 1% to $89.88. Brent had dropped 16% the previous week, its biggest weekly decline since the start of the COVID-19 pandemic. JPMorgan said a recovery in supplies from the Middle East, increased production elsewhere, and weak demand had pushed supply above consumption. The bank estimated a surplus of 1.1 million barrels a day in September and 1.4 million in October.

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