Crude oil prices decline for second consecutive week amid supply concerns

Crude oil prices declined for a second consecutive week as concerns regarding global oversupply and easing geopolitical tensions involving Iran influenced market trends. West Texas Intermediate (WTI) crude oil settled at $88.56 per barrel on Friday, November 13, 2026, representing a decrease of 18 cents or 0.20% from previous trading.

While WTI prices fell, Brent crude oil settled at $95.84 per barrel on November 13, 2026, marking a slight increase of 2 cents or 0.02%. Despite the minor movement in Brent, both WTI and Brent prices declined by approximately 2.5% over the week, marking the second consecutive weekly decline for both benchmarks.

Global supply and inventory increases

Market analysts point to significant increases in oil stockpiles as a primary driver for the price downward trend. Global oil inventories increased by 52 million barrels, marking the first such increase recorded since June 2026. In the United States, oil inventories rose by 4.7 million barrels to reach a total of 414.4 million barrels last week.

The International Energy Agency (IEA) predicts a global oil surplus in the fourth quarter of 2026. According to the agency, global supply is expected to reach approximately 105 million barrels per day against a projected demand of 1.7 million barrels per day. This follows data from October 2026, when global oil supply rose by 2.3 million barrels per day to reach 105.4 million barrels per day.

JPMorgan also provided estimates regarding market imbalances, suggesting an oil surplus of approximately 1.4 million barrels per day in October 2026.

Geopolitical factors and negotiations

Geopolitical stability in the Middle East has also played a role in easing market pressures. On November 8, 2026, Donald Trump stated that the likelihood of new U.S. airstrikes against Iran is very low if negotiations progress. This sentiment follows diplomatic efforts to address regional tensions.

Qatar has been acting as a mediator to convey proposals between Washington and Tehran to narrow differences regarding the nuclear program of Iran and the termination of conflict. On November 9, 2026, Donald Trump met Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani at the White House to discuss regional matters.

The combination of rising inventories and the potential for diplomatic progress in the Middle East continues to shape the outlook for global energy markets as the year concludes.

Glossary

• West Texas Intermediate (WTI) — West Texas Intermediate (WTI), also known as Texas Light Sweet, is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange's oil futures contracts. It is a light crude oil that is lighter than Brent Crude oil and contains approximately 0.24% sulphur.