Oil Prices Rebound After Three-Day Slide as Supply Fears Linger

A surprise U.S. inventory build and Saudi price cuts reignited concerns about an oversupplied market this week.

Overview

Futures closed higher on Friday, with WTI up 0.54% to $59.75 and Brent up 0.4% to $63.63, though both benchmarks still fell for the week.
U.S. government data showed crude stocks rose by 5.202 million barrels to 421.168 million in the week ended Oct. 31, a surprise increase echoed by the API’s reported 6.5 million-barrel build.
Saudi Aramco cut official selling prices for December by as much as $1.40 a barrel for Asian buyers to an 11‑month low, trimmed U.S. prices by $0.50, and kept Europe unchanged.
Eight Opep+ members will lift December production quotas following last Sunday’s meeting, with a pause in further increases planned for the first quarter of 2026.
Citi strategists led by Arkady Gevorkyan see Brent near $60 through the first quarter of 2026, with scenarios ranging to $75 on supply disruptions or $50 if the overhang persists.