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Oil prices recovered in early Asian trading after a sharp selloff triggered by hopes that the U.S. midterm results could help resolve Middle East tensions. WTI rose 0.7% to $91.17 per barrel and Brent gained 0.8% to $99.06, while elevated regional tensions and Saudi alerts over potential danger near Red Sea oil exports at Yanbu remain concerns. Persistent geopolitical risks could support further oil rebounds, although expectations of a Middle East resolution could continue pressuring prices.
Brent crude faces a potential reversal lower as technical resistance around $100.50 could end its recent rebound and restore the broader downtrend. Resistance at $99.67 and $100.50 could cap gains, while support remains near $93.96 and the broader downtrend from $118.13 remains intact. A rejection near $100.50 could pressure Brent toward lower levels, although a breakout could open a move toward $102.22-$103.40.
Reuters technical analysis identifies key intraday support and resistance levels across major commodity markets, including oil, gold, copper, agricultural products and soft commodities.
Brent crude faces resistance at $100.50 and $102.22, while WTI has support levels at $90.65, $89.11 and $88.17; spot gold has resistance targets of $4,156 and $4,194.
These technical levels could guide near-term trading decisions, with breakouts or failures at key thresholds potentially intensifying commodity price volatility.
Crude oil futures rebounded sharply Thursday after a three-session selloff, as traders reassessed the likelihood of a diplomatic resolution to the U.S.-Iran conflict and restored energy shipments through the Strait of Hormuz.
December WTI crude gained 2.7% to $90.52 per barrel, while January Brent jumped 3.9% to $98.29, with continued tanker attacks and disruptions to Persian Gulf shipping supporting supply concerns.
Persistent maritime security risks and uncertainty over U.S.-Iran negotiations could sustain volatility and provide further upside pressure on crude prices.
India's Nifty 50 is attempting to extend a six-day rally after gaining more than 2,000 points from its October 28 lows, despite a sharp Wall Street sell-off.
The index is trading around 1,500 points above the 23,053 weekly-gain threshold, while Brent crude has rebounded toward $100 per barrel and Nifty Bank is targeting 58,000.
Continued global equity weakness and rising crude prices could threaten India's market rally and increase volatility across banking, IT and energy stocks.
Asian fuel oil benchmarks have slumped sharply as traders price in the possibility of Middle East war de-escalation and increased regional oil supplies.
The 380-cst HSFO Dubai crack fell from a $5.34-per-barrel premium to a $2.29 discount, while UAE fuel oil exports to Singapore and Malaysia reached an eight-month high of 729,000 tons in October.
Potential additional Middle Eastern supply could extend downward pressure on fuel oil prices, although elevated tanker freight costs and expectations of tighter November arrivals may support a rebound.
Oil prices rebounded as renewed tanker attacks in the Middle East heightened concerns about potential supply disruptions, lifting Brent crude nearly 4% to $98.38 a barrel.
Gold climbed to a more than two-week high as a weaker dollar and lower Treasury yields supported bullion, while markets priced in a 66% probability of a December Fed rate hike.
Meanwhile, OpenAI signalled a potential 2027 IPO and Micron reportedly suspended its planned $4.5 billion Taiwan chip facility, developments that could intensify volatility across energy, precious metals and AI-linked equities.
Oil futures rebounded after the previous session’s heavy losses, with WTI rising 2.7% to $90.52 and Brent gaining 3.9% to $98.29 per barrel.
Markets remain hopeful for a U.S.-Iran agreement after the midterm elections, but mixed signals from Washington and continued shipping disruptions are keeping uncertainty elevated.
A diplomatic breakthrough that improves Strait of Hormuz security and shipping conditions could put more durable downward pressure on oil prices.
US Treasury yields fell sharply Thursday as investors sought safe-haven bonds amid a more than 4% Nasdaq selloff, rising oil prices, and renewed concerns about heavily indebted AI companies.
The 10-year Treasury yield dropped 6.7 basis points to 4.825%, while the two-year yield plunged 11.2 basis points to 4.469%; Brent crude rallied nearly 4%.
Continued weakness in technology stocks and geopolitical uncertainty could sustain demand for Treasuries, while elevated oil prices and persistent inflation risks may limit expectations for Federal Reserve rate cuts.
Oil prices rebounded Thursday, with Brent rising 3.9% to $98.29 per barrel and WTI gaining 2.7% to $90.52 as traders reassessed prospects for a diplomatic settlement between the U.S. and Iran.
Expectations of de-escalation have increased following the U.S. midterm elections, while J.P. Morgan estimates the global oil surplus widened from 1.1 million barrels per day in September to 1.4 million in October.
A potential Middle East settlement and recovering exports could increase downward pressure on oil prices, although continued Strait of Hormuz security risks may sustain supply uncertainty.
Major oil companies are evaluating Venezuela's enormous oil reserves, but large-scale investment remains conditional on political stability and credible democratic reforms.
Venezuela currently produces around 1.2 million barrels of oil per day, compared with its 1990s peak of approximately 3.5 million barrels, while developing its heavy-oil reserves requires multibillion-dollar infrastructure investments.
Progress in opposition-regime negotiations and the prospect of legitimate elections within 12 to 18 months could improve Venezuela's appeal to international oil investors, although political uncertainty may continue delaying capital commitments.
Northwest European gasoline refining margins plunged by more than $7 on Thursday as rising oil prices erased gains from the previous session.
The European gasoline crack fell to $9.88 per barrel from $17.46, while ARA gasoline inventories increased 2.8% and Asian petrol margins dropped nearly $20 since late October.
Higher crude prices, growing inventories and weaker refining economics could continue pressuring gasoline margins and refinery profitability.
Lower freight rates could help West African crude cargoes attract buyers as weaker outright prices and softer physical crude markets put pressure on differentials.
Freight costs have fallen further from record highs on some routes, while Nigeria's Dangote refinery purchased several December-loading cargoes, including Nigerian crude.
Cheaper transportation could improve West African crude competitiveness and support demand, although pressure on physical crude differentials remains a concern.
Oil futures rebounded Thursday after Wednesday's selloff erased more than 8% from both major crude benchmarks, as traders reassessed the outlook for U.S.-Iran diplomacy.
Brent rose $2.77 to $97.39/bbl, while WTI gained $2.27 to $89.37/bbl, even as Middle Eastern exports recovered and global oil supply exceeded demand by 1.4 million b/d in October.
Falling US crude inventories and persistent Strait of Hormuz security risks could support prices, while diplomatic progress and growing supply surpluses could pressure further gains.
Oil futures rebounded Thursday after suffering an over 8% selloff in the previous session, with Brent rising to $97.39/bbl as traders reassessed the outlook for U.S.-Iran diplomacy and Middle Eastern supply disruptions. Middle Eastern oil exports recovered to an estimated 20.7 million barrels per day in October from 9.8 million in March, while global supply exceeded demand by 1.4 million b/d in October. Recovering supply and diplomatic progress could limit further oil price gains, although geopolitical risks and declining U.S. inventories may sustain volatility.
European shares fell on Thursday as a sharp technology selloff and weakness in defence stocks dragged the STOXX 600 down 0.38% to 654.87 points. European technology stocks plunged 3.2% to a nearly two-month low, while Rheinmetall sank 16.1% after cutting its 2026 sales forecast for the second time in three months. Continued AI spending uncertainty, geopolitical risks and rising oil prices could intensify pressure on European equities, particularly technology and defence stocks.
Gold climbed to a more than two-week high, rising 0.9% to $4,095.49 per ounce as a weaker US dollar and declining Treasury yields supported bullion.
Prices surged nearly 3.4% on Wednesday, while the dollar reached its lowest level since September 30 and the 10-year Treasury yield fell to a near-two-month low.
Gold could face renewed downside pressure if Friday's US payrolls report strengthens expectations of a December Federal Reserve rate hike.
Brent crude jumped 3.00% intraday to $96.72 a barrel, according to the source. The rapid oil-price rise shifts focus back to inflation and energy costs, a channel that may pressure profit expectations for airlines, transport and energy-intensive sectors if gains persist, while energy-sector strength warrants tracking. The source says the key question is whether supply-demand, inventories and geopolitical risks keep providing support. No further price, volume, flow or trading-activity data were provided.
Wood Mackenzie warns that 20% of the world's refineries face closure risk as global oil demand is projected to peak at 108 million barrels per day in 2032 before entering structural decline. The report highlights falling or negative operating cash margins and shrinking investment windows as refineries face mounting pressure to adapt. Long-term demand uncertainty could pressure refinery profitability and weigh on investment in refining capacity, while near-term geopolitical risks continue to influence crude prices.
U.S. stocks tumbled as the technology selloff intensified, with the Nasdaq Composite falling 3.7%, the S&P 500 dropping 2.1%, and the Dow declining 1.1%.
Broadcom, Nvidia, Oracle, Tesla, and other technology names traded lower as investors reassessed Big Tech spending growth, with one analyst expecting capital expenditure growth to peak in 2027 rather than 2028/2029.
Continued pressure on technology valuations and expectations for slower data-center investment growth could intensify downside risks across the broader equity market.
WTI and Brent crude futures rebounded after suffering heavy post-U.S. midterm losses, with WTI rising 1.9% to $89.84 and Brent climbing 3% to $97.44 per barrel.
The recovery follows a sell-off that analysts described as potentially overdone, while optimism over Middle East diplomacy and the possibility of increased oil supplies continues to influence market sentiment.
Further diplomatic progress and additional Middle Eastern oil flows could pressure crude prices, even as technical buying supports a short-term recovery.
Gold climbed to a more than two-week high as a weaker US dollar and falling Treasury yields boosted bullion, with spot prices rising 1.57% to $4,123.39 per ounce.
Gold gained nearly 3.4% on Wednesday and has advanced more than $250 this week, while the 10-year Treasury yield fell to a near-two-month low ahead of Friday's US payrolls report.
Gold could face renewed pressure if stronger-than-expected jobs data reinforces expectations of a December Federal Reserve rate hike.
ICE canola futures moved lower during Thursday's overnight session, pressured by weakness across global vegetable oil markets.
Chicago soyoil, European rapeseed and Malaysian palm oil also traded lower, while crude oil gained amid renewed US-Iran war concerns following fires involving two vessels and a tugboat in the Strait of Hormuz.
Continued weakness in competing vegetable oils could pressure canola futures, while geopolitical tensions and the Canadian government's upcoming budget may add market volatility.
AI and semiconductor stocks came under renewed pressure as investors weighed the risk of tighter scrutiny on data-center construction under a Democratic-controlled Congress, while oil rebounded amid uncertainty over the Iran war.
The Philadelphia Semiconductor Index fell 3.1%, with European chipmakers ASML, Soitec and Infineon dropping between 3% and 8%, while Brent crude climbed 2.5% to $96.80 and gold traded above $4,100.
Political uncertainty surrounding AI infrastructure and an unresolved Middle East conflict could intensify volatility across technology stocks, energy markets and safe-haven assets.
Record-high diesel and gasoline prices helped drive a sweeping Democratic victory in the US midterm elections, as voters punished Republicans over the rising cost of living. Democrats won majorities in both the House and Senate, while nearly 9 in 10 voters identified living costs as a crucial or major factor in their decisions. Persistently elevated fuel prices could continue to pressure household budgets, increase transportation and agricultural costs, and intensify inflation concerns.
Brent crude is heading for a nearly 19% weekly plunge, but oil options traders are still positioning for a potential rebound with billions of dollars in bullish bets. Traders added around $2.04 billion in call options targeting $110–$170 Brent, compared with approximately $1.88 billion in put options targeting $70–$95. The divergence suggests some investors view the selloff as excessive and are positioning for another oil rally, although the Middle East conflict's direction remains highly uncertain.
Bank of America strategists warn that U.S., U.K. and German interest rates could move significantly higher over the next 3–6 months if oil prices continue climbing, even if the Iran conflict ends. Their analysis identifies a strong historical relationship between rising oil prices and bond yields, while the U.S. two-year Treasury yield has already increased 111 basis points since the start of the year. Persistent energy supply disruptions could intensify inflation pressures, strengthen expectations of central-bank rate hikes and push short-term bond yields higher.
Falling crude oil prices and renewed foreign investor buying are boosting optimism around Indian equities, with the Nifty 50 and Sensex rallying after the US midterm election results.
Brent crude plunged nearly 9% overnight to $95.19 per barrel, while FPIs resumed buying Indian equities and reduced their net short index futures positions from 307,109 contracts to 185,979 contracts.
Further oil price declines, improving corporate earnings and sustained foreign inflows could support a broader rally in Indian equities, although continued AI investment and geopolitical uncertainty may limit upside.
Global markets rallied as investors assessed the Democratic midterm election victory, with US and European equities advancing, the dollar weakening, and cryptocurrencies posting strong gains.
Bitcoin climbed 2.46% to $80,449, Ethereum gained 4.04% to $2,418, and Solana advanced 3.60% to $96.86, while gold rose 1.59% and bond yields eased across major regions.
Improving risk appetite and easing geopolitical concerns could support further gains across cryptocurrencies and broader risk assets, although US payrolls data and the Bank of England's expected rate hike remain key uncertainties.
US stock futures turned mixed as AI-related weakness pressured technology stocks, with Nasdaq futures falling 0.6% despite gains in Dow and S&P 500 futures.
Qualcomm plunged 10.1% after reporting weaker-than-expected smartphone chip sales, while Nvidia fell 0.4%, Marvell declined 2.5%, and Intel dropped 1.7% in premarket trading.
Continued weakness in chipmakers and AI-related stocks could intensify selling pressure across the technology sector and weigh on the Nasdaq.