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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.
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.
ICE canola futures fell to a four-month low as speculative long liquidation intensified selling pressure, with January contracts dropping C$15.10 to C$753.20 per metric ton. Prices broke below their 200-day moving average near C$766, while weaker soybean, soyoil, rapeseed and palm oil markets added pressure; Saskatchewan estimated canola yields at 38.3 bushels per acre versus Statistics Canada's 41.9 estimate. Continued speculative selling and weakness across competing vegetable oils could further pressure canola prices, although lower-than-expected crop yields may provide support.
U.S. refiners are shifting production away from gasoline toward diesel and jet fuel as stronger margins and constrained global supplies favor distillate production.
Gasoline yields remained below five-year lows throughout January-August 2026, while distillate yields exceeded five-year averages and jet fuel output reached multi-year highs.
Continued prioritization of distillates could tighten gasoline supply and maintain pressure on refined fuel markets.
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.
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.
The US dollar remained largely unchanged as oil prices rebounded more than 3%, while investors assessed stronger US labor data and the potential slowdown in AI-related spending.
Initial jobless claims fell to 189,000, matching a 57-year low, while markets priced in a 66.1% chance of at least a 25-basis-point Fed rate increase in December; the Bank of England also raised rates for the first time in over three years.
Stronger employment data and persistent inflation concerns could support further Fed tightening, potentially boosting the dollar while keeping pressure on interest-rate-sensitive markets.
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.
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.
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.
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.
ICE canola futures remained lower during Thursday's overnight session, pressured by weakness across competing vegetable oil markets.
Chicago soyoil, European rapeseed and Malaysian palm oil also traded lower, while crude oil gained amid renewed US-Iran conflict fears following fires involving two vessels and a tugboat in the Strait of Hormuz.
Continued weakness in vegetable oils could pressure canola futures, while geopolitical tensions and crude oil strength may add volatility across commodity markets.
The Canadian dollar weakened against the U.S. dollar on Thursday, while Canadian 10-year government bond yields slipped to 3.699%. The loonie traded at C$1.3979 per U.S. dollar, while U.S. 10-year yields rose to 4.9044% and December crude futures climbed to $89.38 per barrel. Continued weakness in the Canadian dollar and widening yield differentials could maintain pressure on CAD.
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.
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.
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.
Record-high diesel and gasoline prices helped drive a Democratic sweep in the US midterm elections, as voters punished Republicans over rising living costs.
Nearly 9 in 10 voters identified the cost of living as a crucial or major voting factor, while diesel and gasoline prices reached their highest levels ever recorded on Election Day.
Elevated fuel costs could intensify inflationary pressures, increase political uncertainty, and keep energy prices at the center of US economic policy debates.
Spain's crude oil imports fell 7.4% year over year in September, reaching 4.8 million tonnes. The reported decline indicates lower crude import volumes compared with the same month last year. Continued weakness in Spanish crude imports could signal softer regional oil demand and potentially weigh on crude market sentiment.
Brent and WTI crude rebounded Thursday but remained below $100 a barrel after both benchmarks plunged more than 8% in the previous session amid hopes for reduced U.S.-Iran tensions. Brent gained 1.3% to $95.85 and WTI rose 0.3% to $87.36, while the global oil market recorded an estimated supply surplus of 1.4 million barrels a day in October. Recovering Middle Eastern exports and weaker demand could keep pressure on oil prices, although continued Strait of Hormuz security risks may limit the downside.
Oil prices rebounded Thursday but remained below $100 per barrel as traders weighed the possibility of U.S.-Iran diplomacy against recovering Middle Eastern supply and weakening global demand.
Brent rose 1.3% to $95.85 while WTI gained 0.3% to $87.36, following an 8%+ selloff Wednesday; meanwhile, the global oil surplus widened to 1.4 million barrels per day in October.
A potential diplomatic resolution and recovering exports could keep pressure on crude prices, although Strait of Hormuz security risks and declining U.S. fuel inventories may limit further downside.
Middle Eastern crude oil premiums have collapsed to pre-Iran-war levels as rising Gulf exports create a supply surplus and weaken regional pricing power.
U.S. equity futures turned mixed Thursday as technology stocks faced renewed AI-regulation concerns following Wednesday's broad market rally, with Nasdaq-100 futures falling around 1% while Dow futures gained 0.5%.
AppLovin surged around 18% premarket after reporting 55% year-over-year revenue growth, while Apple crossed a $5 trillion valuation and Micron, Nvidia and Tesla faced selling pressure.
Potential tighter AI regulation and uncertainty surrounding data center investment could intensify volatility across semiconductor and AI-related stocks, even as strong corporate earnings provide selective support.
Asian diesel cash differentials and prompt timespreads rebounded on Thursday, supported by emerging regional buying interest and expectations of slightly lower Chinese exports.
Cash differentials recovered to a premium of nearly $0.50 per barrel, while refining margins eased below $61 per barrel and the December jet fuel regrade flipped to a discount.
Reduced Chinese diesel exports and stronger regional buying could support near-term diesel pricing, although weakening refining margins and broader oil-market surplus conditions may limit gains.
Brent crude plunged 8.3% below $100 per barrel and WTI fell to around $88.12 as South Korea's election-driven political shift raised hopes of de-escalation in the US-Iran war, potentially easing pressure on global fuel markets.
US gasoline averaged $4.12 per gallon, around 39% above pre-conflict levels, while US diesel futures dropped nearly 7% to their lowest level since late August.
Further diplomatic progress could accelerate oil and fuel price declines, but renewed military escalation could reverse the selloff and reignite inflationary pressure.
Oil prices remain near a two-month low after plunging more than 8% as US midterm results raised hopes of diplomatic efforts to end the Iran war.
Brent recovered 0.5% to $95.07 a barrel, while WTI slipped 0.1% to $88.02; Senate Democratic leader Chuck Schumer said Democrats would seek to end the conflict, citing Congress's control over federal spending.
If diplomatic progress reduces geopolitical supply risks, crude could face further downside, although ING analysts warn the selloff may have been overdone and the outcome remains uncertain.