# Oil falls toward two-month low as Middle East production rises - Moneyweb

> Brent for January settlement fell 1.6% to $91.27 a barrel, approaching a two-month low. Saudi Arabia reported that its October output rose 26%, and Iraq reported a new wartime high. Iran refused to remove enriched nuclear material, so no progress toward ending the conflict is visible.

- Date: 2026-11-12 · published 2026-11-12T09:10:09.275Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/95271-oil-falls-toward-two-month-low-as-middle-east-production-rises-moneyweb
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher Middle East flows are easing physical tightness and weakening price differentials, which points to a possible surplus. Lower crude generally reduces biofuel and diesel cost support for vegetable oils and grains.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- moneyweb.co.za: https://www.moneyweb.co.za/news/markets/oil-falls-toward-two-month-low-as-middle-east-production-rises/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.