Oil prices fell more than 1% during early Asian trading sessions, the Saudi Press Agency reported on November 2, 2026..
Brent futures were down 1.33% at $111.92 a barrel while WTI West Texas Intermediate fell 1.71% to $102.34 a barrel, as noted by the agency. The decline marked a further extension of the downward trend seen across global energy markets.
The Saudi Press Agency provided the figures in a brief release, indicating that the falling prices reflected ongoing market softness. The drop in the two benchmark crude prices came after a series of less robust data releases in earlier parts of the week, and the spread between Brent and WTI narrowed slightly.
Commodity analysts discussed how the Asian trading session usually sets the tone for the broader day. The Agency’s commentary suggested that the market’s movement could be a reaction to global inventory reports that have shown higher-than‑expected storage levels worldwide.
Meanwhile, traders in the region noted that the price dip was part of a broader dip in other energy commodities, as the markets weighed new adjustments in supply forecasts and the projected demand in emerging market economies.
Secondary commentary from industry watchers highlighted that early‑session moves often signal expectations for trading later in the day. The Agency’s brief highlighted that energy markets have been trending lower, with a mix of softer economic data and moderate geopolitical developments holding back demand.
In sum, the early Asian session saw a clear more‑than‑1% fall in both Brent and WTI prices, a result that the Saudi Press Agency reported as part of its daily energy market update. Future sessions will likely keep a close eye on the underlying factors that fed the decline, including inventory data and economic forecasting, as the global oil market continues to navigate a period of relative softness.
