NYMEX light sweet crude for November delivery fell $1.16 to $88.28/bbl at close, down 1.3%. ICE Brent for December delivery fell $0.38 to $100.20/bbl, down 0.38%.

Sources said Saudi Arabia has opened an aviation safety investigation into an incident involving a Dubai airline. The Saudi safety probe is being conducted separately from the UAE's criminal investigation.

JP Morgan chief portfolio manager Sylvia Sheng said higher policy rates will not derail the US economy because a strong AI-driven capex cycle is largely rate‑insensitive. She added financial conditions remain supportive, credit spreads are tight and corporate fundamentals are intact. JP Morgan is constructive on equities, citing robust nominal growth, lower recession risk and a sustained AI capex and earnings cycle. The firm continues to overweight US equities, saying the US offers the broadest and most durable exposure to AI capex and applications and that earnings momentum is spreading beyond early AI beneficiaries; JP Morgan sees further room for AI-related capex expansion.