Brent crude futures for November settlement slipped USD 1.35, or 1.57 per cent, to USD 84.80 a barrel at 0640 GMT. The contract fell to as low at USD 84.51, the lowest since January 14.

Citi has raised its 0-3 month forecast for Brent Crude to $70 per barrel, citing increased geopolitical risks in the Middle East and supply disruption concerns in Iran and Russia.

Prices will be flat to slightly upward in 2026 for most globally traded industrial commodities, with crude oil the major exception.

Crude oil futures decline amid weak global cues and oversupply worries. February delivery slips on MCX. WTI and Brent Crude also fall.

Crude oil markets continue to see buyers, as we are trying to price in geopolitical concerns, with a strike against Iran being possible. Because of this, the supply and demand situation is being ignored at the moment.

Oil prices rose to their highest level since late September, driven by concerns that the U.S. could carry out military action against Iran.

Open interest in Brent call options has accrued at the fastest pace this month in at least six years.

Crude oil continues to see a lot of noisy behavior, as we are looking to determine the geopolitical landscape, and the obvious supply and demand concerns. At this point, I expect a lot of noise.