Recent WTI crude oil prices have settled near $88.50 per barrel amid a shift toward surplus conditions, with the IEA’s November report revising global supply higher by 3.3 million barrels per day for Q4 2026 as Gulf exports recovered faster than expected. Commercial inventories rose 4.7 million barrels in the latest EIA data while demand forecasts were trimmed, reflecting weaker consumption at elevated price levels and higher non-OPEC output. Geopolitical tensions in the Middle East continue to support a modest risk premium, though easing supply concerns and OPEC+ production gains have tempered upside momentum. Traders are monitoring weekly EIA inventory releases, refinery utilization rates near 95%, and any signals on OPEC+ output quotas or U.S. policy shifts for near-term direction.