Oil slips below $85 as supply surge overshadows geopolitical risks

Crude oil extended its decline on Thursday, slipping over 1% to near $85 per barrel in Asian trade as mounting supply concerns overshadowed lingering geopolitical risks. OPEC+ production surged by 2.04 million barrels per day in October to 41.23 million bpd, driven largely by a sharp recovery in Saudi and Russian output. Saudi Arabia alone pumped 10.563 million bpd, its highest since the Iran conflict began in February. Meanwhile, a reported 9-million-barrel increase in US crude inventories further reinforced oversupply concerns ahead of the EIA report. MCX November crude futures fell nearly 1% to Rs 8,115 per barrel.

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