Noah Carter
Oil prices dropped sharply, hitting their lowest levels in five months. The slide came after the International Energy Agency (IEA) revised its outlook, projecting a crude supply surplus averaging 3.2 million barrels per day through mid-2026.
Despite a modest output increase of 137,000 barrels per day for October and November by OPEC+, markets remain wary. The surplus expectations stem from rising exports in major producing nations and weaker demand forecasts in some regions.
This slide in oil is part of a broader puzzle: while energy is under pressure, precious metals like gold and silver are enjoying strong demand as investors look for safe havens.
Meanwhile, other commodity sectors show mixed signals. For example, the International Copper Study Group (ICSG) now expects the refined copper market to flip from surplus to a 150,000 metric ton deficit in 2026, driven by slower production growth in key mining regions.
