Oil Markets Hang in Balance Amid Uncertainty

Crude oil markets are expected to remain in a bearish-to-neutral setup for another week, according to FOREX.com. OPEC has kept November quotas steady, while Gulf exports have recovered to near prewar levels of 23.3 million barrels per day.

The US crude inventories continue to rise gradually, with a 922,000-barrel increase last week. WTI and Brent prices remain below their respective seven-month barriers, with WTI holding below the July 2026 high of 94 and Brent about 4% below the September high.

The geopolitical conflict between the US and Iran remains ongoing, but its impact appears to be capped. Signs of slowing demand are emerging alongside rising US crude inventories and a recovery in Gulf exports, which may lead to further de-escalation or renewed escalation.

For WTI, a break below 86.60 could target the 50% level near 81, while a move back above 94 and 97 could expose the September high near 105. For Brent, a break below 93.30 could target the 78.6% level near 89, followed by the 100% level near 84.