Core Viewpoint - Crude oil prices are under pressure due to concerns over a global supply glut, with the IEA forecasting a record global oil glut of 4.0 million bpd for 2026, while mixed performance in gasoline prices reflects varying market dynamics [1] Group 1: Crude Oil Market Dynamics - Crude oil prices fell to a 5.25-month low amid renewed trade tensions with China, which could negatively impact global economic growth and energy demand [2] - An increase in crude oil stored on stationary tankers rose by 8.9% week-over-week to 93.96 million barrels, indicating bearish sentiment for oil prices [3] - OPEC+ agreed to a modest increase of 137,000 bpd in crude production starting in November, which was below market expectations, while September production rose to 29.05 million bpd, the highest in 2.5 years [4] Group 2: Geopolitical Factors - Reduced crude exports from Russia due to Ukrainian attacks on refineries have limited Russia's export capabilities, with total seaborne fuel shipments dropping to 1.88 million bpd, the lowest in over 3.25 years [5] - Iraq's agreement to resume oil exports from the Kurdish region could add 500,000 bpd to global supplies, which is expected to exert further downward pressure on crude prices [6]