Brent Crude Falls to $93 as U.S.-Iran Peace Hopes Meet Global Oil Surplus
Updated
Updated · The New York Times · Nov 9
Brent Crude Falls to $93 as U.S.-Iran Peace Hopes Meet Global Oil Surplus
3 articles · Updated · The New York Times · Nov 9
Summary
$93 Brent crude and sub-$87 West Texas Intermediate extended a weeklong slide Monday, leaving the global benchmark about $20 below its late-October level.
J.P. Morgan analysts said the drop reflects both rising hopes for a U.S.-Iran agreement and a physical oil surplus, with global production exceeding demand since September for the first time since the war began.
More Middle East supply, output growth elsewhere and fuel-saving by consumers and businesses have helped bring the market back into balance, at least temporarily.
Mediators are still presenting proposals to the Trump administration and Iranian officials, easing fears of fresh U.S. or Israeli attacks on Iran even as some hostilities continue.