
OPEC+ crude output rose about 2.04 million bpd in October to roughly 41.23 million bpd, close to pre-war levels, with Saudi Arabia supplying most of the increase. The IEA projects a fourth-quarter swing to surplus but flags persistent diesel tightness and tanker attacks.
Rising supply and a projected surplus point to lower crude prices, while diesel tightness could keep energy and freight costs elevated for feed producers.
After 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.
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.