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Analysts said recovering Middle Eastern flows, rising production elsewhere and demand weakened by high prices have pushed global oil supply above consumption again. JPMorgan estimated a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd in October, while Goldman said global stocks had not fallen over the past two months.
A renewed surplus driven by recovering supply and softer demand points to less competition for barrels and could pressure crude prices. The figures also suggest that supply disruption has not translated into continued inventory declines.
investing.comNov 6, 2026After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
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.
