By Van Ha Trinh, Financial Markets Strategist at Exness
Crude oil was trading lower today, continuing its downward trend since yesterday. Receding geopolitical tensions in the Middle East have helped calm traders’ concerns as the risk of a major disruption fades. Additional developments toward a lasting peace could further weigh on the market.
Beyond the headlines, the underlying inventory figures also point to potentially lower prices. The latest official U.S. report showed that commercial crude oil stockpiles grew by 3.7 million barrels, which was larger than expected. However, the decline in gasoline and distillate stocks could limit the impact.
While OPEC+’s decision to increase its November production less than expected helped prevent a steeper price drop, it wasn’t enough to change the broader picture. Long-term forecasts still show that production from countries outside of OPEC+ is growing, which will likely keep global inventories rising into 2026 and weigh on prices.