Global oil markets return to surplus as Gulf shipments rebound, FT reports

Oil supply exceeded demand by almost 2 million barrels a day in October, according to IEA data reported by the Financial Times. CIBC’s Rebecca Babin tells MarketWatch that rebuilding depleted reserves could absorb some of the projected surplus, while refining constraints leave diesel markets vulnerable. She cautions that the outlook depends on normalizing oil flows, with shipping through the Strait of Hormuz still costly and risky.