Oil Steadies as Narrowing Spreads Point to Softer Conditions

Bloomberg.com · last updated November 10, 2025 – 8:16 PM

Oil fell as traders tracked softening market metrics, and waited for reports that may give clues about an impending global surplus.

Brent dropped below $64 a barrel after a two-day gain, while the West Texas Intermediate was near $60. WTI’s prompt spread — the gap between its two nearest contracts — has narrowed to 9 cents a barrel in backwardation. That’s the lowest since February, and suggests less-tight conditions.

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