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Crude oil settled 2.34% higher as investors assessed how US midterm election results might affect the conflict with Iran. US crude inventories fell by 865,000 barrels, while production reached a record 14.003 million barrels per day; OPEC also lowered its 2026 oil-demand growth forecast to 400,000 barrels per day.
Conflict uncertainty and the larger-than-expected inventory draw supported prices, while record US production and weaker OPEC demand expectations point to greater supply and demand headwinds.
kalkine.com.auAditi SarkarNov 6, 2026After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% 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.
