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December WTI fell 2.9% for the week to $88.20 after opening at $90.83 and dropping to $83.88 before recovering. Saudi Arabia pumped 10.5 million bpd in October, and US crude output topped 14 million bpd for the first time.
Tanker attacks near Hormuz did not offset the supply gains.
Record supply from the US, Saudi Arabia, Brazil and Guyana that bypasses Hormuz is pushing crude lower, reducing fuel and freight costs for feed buyers.
energyreader.ioEnergyReader NewsroomNov 14, 2026Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
