Overview

• WTI for November settled up 1.81% at $63.41 on Nymex, while December Brent rose 1.51% to $66.97 on ICE.
• President Trump’s United Nations remarks criticizing countries that purchase Russian oil helped lift prices, according to Mizuho.
• Reports of a postponement of Kurdistan crude exports following a dispute between oil companies and the Iraqi government signaled tighter near-term supply.
• Continuing Ukrainian attacks on Russian energy infrastructure added to perceived supply risks, market reports said.
• Rystad Energy flagged an expected surplus of about 2.14 million barrels per day in the fourth quarter if OPEC+ unwinds production cuts, posing downside risk.