Russian crude production rebounds after Trump diesel pact, IEA states as oil markets return to surplus
Crude supply can rise even as diesel is still tight, with refinery capacity and refined product exports still constrained. Global oil supply touched 105.4 million barrels a day in October, up 2.3 million barrels a day from September, the IEA noted, while noting that supply…
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On the oil prices front, crude supply can rise even as diesel is still tight, with refinery capacity and refined product exports still constrained, according to CNBC World. Global oil supply touched 105.4 million barrels a day in October, up 2.3 million barrels a day from September, the IEA noted, while noting that supply moved higher by an "extraordinary" 5.3 million barrels a day since August, in spite of ongoing attacks on energy infrastructure and tankers.
Inside the Oil prices story
Inventories also advanced for the first time since June, with observed global shares increasing by 52 million barrels in October, or 1.7 million barrels a day. Higher export flows have gained ground supply expectations for the fourth quarter, with Middle East and Russia losses partly offset by growth from the American, Canada, Brazil, Argentina and Guyana, which together are set to support output by 1.6 million barrels a day this year.
Why traders are watching oil prices
Oil prices affect inflation, company costs and the currencies of major producers and importers. Moves in crude often spill over into the Canadian dollar, Norwegian krone and energy stocks.
Supply decisions, inventory data and geopolitical risks can move crude quickly, and higher energy prices can complicate the job of central banks fighting inflation.
Market reaction and data
Crypto prices at the time of writing, from Binance spot data (2026-11-13 12:21 UTC):
| Asset | Last price (USDT) | 24h change | 24h high | 24h low |
|---|---|---|---|---|
| Bitcoin (BTC) | 69,353.49 | -5.05% | 73,072.73 | 67,568.00 |
| Ethereum (ETH) | 1,959.35 | -3.32% | 2,028.12 | 1,895.95 |
| Cardano (ADA) | 0.1719 | -0.12% | 0.1757 | 0.166 |
What to watch next for oil prices
Watch for OPEC+ supply decisions, weekly inventory reports, demand signals from major economies and any geopolitical developments in producing regions.
Key scheduled releases on the economic calendar:
- USD Core PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.3%, previous 0.7%
- USD PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.4%, previous 1.3%
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FAQ
What is the latest oil prices news?
Crude supply can rise even as diesel is still tight, with refinery capacity and refined product exports still constrained.
What drives oil prices?
Crude prices depend on supply from OPEC+ and other producers, global demand, inventory levels and geopolitical risk in key producing regions.
Where does this information come from?
This report is based on coverage from CNBC World, checked against market data where available. It is a summary for information only and not investment advice.
Risk warning: This article is for information only and is not investment advice. Trading forex, CFDs, stocks and crypto carries a high risk of losing money. Prices move fast – check live quotes before you trade.
