Crude Oil is trading at $87.90, down 3.23%, as surplus pressures prices.
- On November 9, oil fell as President Trump played down the likelihood of renewed strikes on Iran, easing geopolitical risk premium; attacks near the Strait of Hormuz kept supply concerns alive.
- Reuters described recovering Middle Eastern flows, higher production elsewhere and weak demand pushing the market toward surplus; JPMorgan estimated it widened from 1.1 million barrels per day in September to 1.4 million in October.
- Live-session detail is limited.