On 7 November 2025, global oil prices softened slightly, with Brent trading near $84 a barrel after data showed U.S. crude output hit an all-time high of 13.4 million bpd. Market sentiment weakened as OPEC+ members struggled to maintain production-cut compliance. Analysts said the price dip reflects abundant U.S. supply and cautious demand in Europe and Asia. Despite the decline, traders expect range-bound trade as winter heating demand supports fundamentals.