WTI Crude Oil futures tested a new cycle low of $83.88 per barrel before paring losses toward the session open, tracking toward their lowest settlement in nine weeks. Pressure mounted as market participants weighed diplomatic negotiations regarding Iran and reduced expectations of further military strikes, despite reports of eight maritime vessels attacked in the Strait of Hormuz this month. The Energy Information Administration released its Short-Term Energy Outlook, projecting global oil inventories to begin building this quarter and expand by 3.5 million barrels per day through the first half of next year. Middle East production offline narrowed to 2.5 million barrels per day in October from 10.9 million in May, with EIA forecasts pointing to lower benchmark prices as output recovers. Weekly petroleum status data is scheduled for release on Thursday following the Veterans Day holiday.