Oil slides to August low as peace hopes build; US gasoline drops below $4

· Oil & Gas · United States

Brent crude briefly fell below $90 a barrel, its lowest since August, as hopes of diplomatic breakthroughs in Iran and Ukraine accelerated a selloff. Crude has dropped by almost $30 per barrel since the US midterm elections, yet stubbornly high freight rates in the Gulf suggest physical markets remain tight. The retreat has reached consumers: the US national average for regular gasoline fell below $4 a gallon for the first time since mid-July, standing at $3.9788, according to AAA, helped by cheaper crude and a seasonal drop in demand. Inventory data pointed the other way, with the American Petroleum Institute estimating US crude stocks rose 9.0 million barrels in the week to November 6, after a 5.267-million-barrel draw the previous week.

Why it matters：Falling crude and pump prices ease inflation pressure but squeeze producer margins and complicate OPEC+ supply policy, while wide freight rates keep physical and paper markets diverging.

Key points

  • Brent briefly traded below $90 a barrel, down almost $30 since the midterms
  • US average gasoline hit $3.9788 a gallon, first time under $4 since mid-July
  • API estimated a 9.0-million-barrel crude build for the week to November 6

Sources (original reporting)

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