ICYMI: OPEC output surges almost 2 million bpd toward prewar levels as Saudi production rebounds
Earlier this week, the supply recovery takes some of the edge off shortage worries and helps explain why Brent edged lower below $90. Yet the rebound in prices on Wednesday reveals that the war risk premium is far from gone.
In this article
In today's oil prices news, earlier this week, the supply recovery takes some of the edge off shortage worries and helps explain why Brent edged lower below $90, according to investingLive. Yet the rebound in prices on Wednesday reveals that the war risk premium is far from gone.
Key points
- With acknowledged Hormuz transits still a fraction of normal.
- Aramco's deeper discount to Asia points to softer pricing power for Gulf crude and is a modest positive for Asian refiners.
- Oil stays the main channel through which the war feeds inflation for the wider macro picture.
Oil prices: the details
With acknowledged Hormuz transits still a fraction of normal, any escalation that hits pipelines or Red Sea routes would rapidly reverse the increases in supply. Aramco's deeper discount to Asia points to softer pricing power for Gulf crude and is a modest positive for Asian refiners. Oil stays the main channel through which the war feeds inflation for the wider macro picture.
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
On the currency side, the latest ECB daily reference rates (2026-11-11) show EUR/USD 1.1127, GBP/USD 1.3307, AUD/USD 0.6859, NZD/USD 0.5583, USD/JPY 159.23, USD/CHF 0.8299, USD/CAD 1.4235, USD/CNY 6.6707. These are reference fixes, not live quotes.
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:
- GBP GDP m/m on Thu Nov 12, 07:00 UTC, forecast 0.0%, previous 0.1%
- 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?
Earlier this week, the supply recovery takes some of the edge off shortage worries and helps explain why Brent edged lower below $90.
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 investingLive, 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.
