Global Oil Prices Fall to Two-Month Low
On November 10, Brent and West Texas Intermediate crude futures closed at their lowest levels since August 31 for a second consecutive session. Reduced prospects of further U.S. military action against Iran eased concerns about Middle Eastern oil supplies, while U.S. inflation data and the outlook for oil demand weighed on prices.
Global oil prices fell to a two-month low on November 10. Brent crude futures closed at $91.49 a barrel, down $1.08, or 1.2%; U.S. West Texas Intermediate crude futures closed at $86.04 a barrel, down $0.81, or 0.9%. Both benchmarks closed at their lowest levels since August 31 for a second consecutive trading session.
People refuel at a gas station beside a highway in the United States.（VietVance）
The reduced likelihood of further U.S. military action against Iran eased market concerns about disruptions to Middle Eastern oil supplies. U.S. President Donald Trump said on November 9 that he planned to postpone a new round of military strikes on Iran after appeals from countries in the region. U.S. Secretary of State Marco Rubio said he had informed the Group of Seven that U.S. economic sanctions and a naval blockade were working, making large-scale military operations against Iran unnecessary.
Tim Waterer, head of market analysis at KCM Trade, said the market was currently focused on Trump’s more moderate stance toward Iran following the midterm elections. U.S. inflation data also weighed on oil prices: government figures showed that the Consumer Price Index rose more than expected in October. Investors believe this increases the likelihood that the Federal Reserve will raise interest rates by 0.5 percentage points at its December meeting; higher rates could curb economic growth and oil demand.
In its latest outlook, the U.S. Energy Information Administration forecast that global oil demand would fall from a record 104.4 million barrels per day in 2025 to 102.4 million barrels per day in 2026.
Source: VietVance
