Overview
- Brent traded near $63 and WTI near $59, setting up a second weekly loss on oversupply worries.
- Saudi Aramco reduced its December Arab Light price to Asia by $1.20 a barrel to an 11‑month low, a clear signal of weaker regional demand.
- U.S. crude stocks unexpectedly rose by about 5.2 million barrels as refinery runs lagged, with national output holding near record highs.
- OPEC+ approved a 137,000 bpd increase for December and flagged a pause in early 2026, keeping focus on supply growth and surplus risks highlighted by the IEA’s 2026 outlook.
- Tight U.S. gasoline inventories at an 11‑year low and disruptions to Russian fuel flows have offered only brief support to crude prices.