Actual
96.532
Daily Change
-7.59 -7.29%
Monthly
7.94%
Yearly
58.12%
Q4 Forecast
107.387
Crude Oil - Summary

Crude oil prices extended their decline on Monday, falling more than 7% to below $95 a barrel as hopes for a diplomatic resolution to the US-Iran conflict eased concerns about further supply disruptions. According to Iran’s state-run IRNA news agency, the country’s supreme leader approved the government’s pursuit of talks aimed at ending the months-long conflict that has disrupted Middle East energy supplies. This followed reports that US President Donald Trump also wanted to give diplomacy more time before considering renewed military action, telling Israeli Prime Minister Benjamin Netanyahu that he preferred negotiations. US Secretary of State Marco Rubio reiterated that Trump favoured a peaceful resolution, while Iranian officials signalled that an agreement remained possible following two days of Qatar-mediated discussions, provided commitments were implemented in practice.

Crude Oil - Stats

Crude Oil fell to 96.49 USD/Bbl on November 2, 2026, down 7.33% from the previous day. Over the past month, Crude Oil's price has risen 7.90%, and is up 58.06% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 147.27 in July of 2008. Crude Oil - data, forecasts, historical chart - was last updated on November 2 of 2026.

Crude Oil - Forecast

Crude Oil fell to 96.49 USD/Bbl on November 2, 2026, down 7.33% from the previous day. Over the past month, Crude Oil's price has risen 7.90%, and is up 58.06% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 107.39 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 124.79 in 12 months time.



Price Day Month Year Date
Crude Oil 96.53 -7.588 -7.29% 7.94% 58.12% Nov/02
Brent 104.93 -8.505 -7.50% 4.59% 61.70% Nov/02
Natural gas 2.86 -0.0396 -1.37% -6.77% -33.00% Nov/02
Gasoline 2.91 -0.2471 -7.83% -10.38% 51.82% Nov/02
Heating Oil 4.44 -0.2408 -5.15% -2.42% 84.40% Nov/02
Coal 152.45 2.10 1.40% 2.11% 39.54% Oct/30
Ethanol 1.79 0.0150 0.85% -11.63% 4.08% Oct/30
Urals Oil 101.12 -1.82 -1.77% -4.20% 73.06% Oct/30



Related Last Previous Unit Reference
United States API Crude Oil Stock Change -2.03 -4.93 BBL/1Million Oct 2026
Saudi Arabia Crude Oil Production 8372.00 6238.00 BBL/D/1K Sep 2026
Russia Crude Oil Production 8643.00 8681.00 BBL/D/1K Sep 2026
United States Crude Oil Production 13965.00 13946.00 BBL/D/1K Aug 2026
United States Crude Oil Stocks Change -1.89 -3.06 BBL/1Million Oct 2026
United States Weekly Crude Oil Production 13992.00 13269.00 Thousand Barrels Per Day Oct 2026

Crude Oil
Crude oil is one of the most widely followed commodities in the world due to its central role in the global economy. It is a key source of energy, a critical input for transportation and manufacturing, and a major driver of inflation and geopolitical dynamics. As a result, movements in oil prices are closely monitored by governments, businesses, and investors alike. West Texas Intermediate (WTI) crude oil is classified as light and sweet, where “light” refers to its low density and “sweet” indicates its low sulfur content. The delivery point for WTI crude oil futures is the Cushing Hub in Oklahoma, and each futures contract represents 1,000 barrels of crude oil. Crude oil prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official WTI crude oil prices. Official pricing and settlement data for WTI crude oil futures should be obtained directly from NYMEX. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
96.49 104.12 147.27 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Crude Oil Extends Losses to Over 7%
Crude oil prices extended their decline on Monday, falling more than 7% to below $95 a barrel as hopes for a diplomatic resolution to the US-Iran conflict eased concerns about further supply disruptions. According to Iran’s state-run IRNA news agency, the country’s supreme leader approved the government’s pursuit of talks aimed at ending the months-long conflict that has disrupted Middle East energy supplies. This followed reports that US President Donald Trump also wanted to give diplomacy more time before considering renewed military action, telling Israeli Prime Minister Benjamin Netanyahu that he preferred negotiations. US Secretary of State Marco Rubio reiterated that Trump favoured a peaceful resolution, while Iranian officials signalled that an agreement remained possible following two days of Qatar-mediated discussions, provided commitments were implemented in practice.
2026-11-02
Crude Oil Falls Below $100
Crude oil fell 4.5% toward $99 a barrel on Monday as hopes for a diplomatic resolution to the conflict between the US and Iran eased concerns about further supply disruptions. Reports indicated that President Donald Trump wants to give negotiations more time before considering renewed military action, telling Israeli Prime Minister Benjamin Netanyahu that he would prefer a diplomatic solution. US Secretary of State Marco Rubio also said Trump favoured resolving the conflict peacefully. Iranian officials similarly signalled that an agreement remained possible following two days of Qatar-mediated talks, provided that commitments were implemented in practice. However, the diplomatic signals come amid continued reports that both sides are preparing for a possible escalation after the November 3 US midterm elections. Separately, OPEC+ agreed to keep its existing production targets unchanged through December as the group continues to assess global supply and demand conditions.
2026-11-02
Oil Falls on Mideast Diplomatic Push
Crude oil fell 4% to below $100 per barrel on Monday, erasing gains from last week as investors weighed signs of diplomatic efforts to end the Middle East conflict against fears of renewed US military action against Iran. Reports indicated that President Donald Trump intends to allow diplomacy more time before deciding whether to resume strikes against Iran following Tuesday’s midterm elections. Meanwhile, Qatari and Iranian officials continued negotiations for a third consecutive day, as Gulf countries try to prevent an escalation in the region. Tehran has repeatedly warned that any further attacks would trigger retaliatory strikes against US and Israeli targets in neighboring countries. Separately, OPEC+ agreed over the weekend to keep its existing production targets unchanged through December as the group continues to monitor global oil supply and demand conditions.
2026-11-01