Oil prices declined in the week ending Nov. 13 as expectations of stronger global supply and weaker demand weighed on market sentiment, offsetting persistent geopolitical risks in the Middle East.
International benchmark Brent crude futures for January delivery traded at $95.85 per barrel at 4.41 p.m. local time (1341 GMT), down 2.5% from last Friday's close of $98.32.
US benchmark West Texas Intermediate (WTI) crude futures for December delivery traded at $88.28 per barrel, down around 2.8% from $90.83 a week earlier.
Hopes of easing tensions between Washington and Tehran also weighed on prices after US President Donald Trump said further military strikes on Iran were highly unlikely if the two sides reached an agreement, easing concerns over potential disruptions to regional oil supplies.
Supply-side developments added to the downward pressure, with the International Energy Agency (IEA) reporting that global oil supply rose by 2.3 million barrels per day in October to 105.36 million barrels per day, driven largely by higher exports from Gulf producers.
The agency's forecast of a 2.7 million barrels per day decline in global oil demand in 2026 also reinforced concerns over the market outlook, as weaker consumption expectations weighed against the risk of further supply disruptions.
Meanwhile, geopolitical tensions in the Middle East, particularly uncertainty surrounding Iran and security risks in the Strait of Hormuz, continued to support prices by keeping potential disruptions to global oil flows in focus.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
