Core Insights - The global oil market is experiencing an oversupply, particularly evident in the Americas, especially the United States [1] - The WTI crude oil futures curve for most of 2026 is in a "contango" structure, indicating weak spot demand for crude oil [1] - High U.S. crude oil export levels further signify ample supply, with October exports reaching the highest level since July 2024 [1] - In contrast, the Brent crude oil futures curve has remained relatively flat since March, highlighting differing levels of oversupply across regions [1]