November WTI Crude Oil futures hit a new cycle low, reaching the lowest level since early May, falling more than 3% in the session and nearly 25% since the June 23 high. The price drop was influenced by new forecasts from the International Energy Agency (IEA), which revised its 2026 global supply growth upward to 2.4 million barrels per day, creating an unprecedented oversupply. Renewed trade tensions between the US and China, with both nations imposing higher fees on port and cargo, also reduced global oil demand estimates and investor risk appetite.