Global oil markets moved into a surplus, according to the Financial Times, as Gulf exports rebounded and supply from Latin America increased. JPMorgan said global oil supply exceeded demand by 1.4 million barrels per day in October, easing the tightness seen in previous months. The situation is placing renewed downward pressure on crude prices and reducing the likelihood of WTI reaching 160 dollars in November. Market participants will closely monitor OPEC+ announcements on December production targets and geopolitical developments in the Middle East.
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