Global oil prices declined amid optimism about a possible peace agreement between the United States and Iran, according to the New York Times. On November 9, Brent crude traded around $96.67 per barrel and WTI crude at approximately $89.87, both down about 1% intraday. The decline reflects increased supply and reduced geopolitical risk, alongside diplomatic efforts aimed at easing tensions between the two countries. JPMorgan’s estimate of a global supply surplus further supports this trend, while the probability of crude reaching new all-time highs by December 31 is currently priced at 5.5%. Announcements from OPEC and the International Energy Agency on production and global demand forecasts, as well as further developments in U.S.-Iran relations, could affect market dynamics.
Source: Read the original article
