Crude prices slide as investors brace for a big week

Hello, this is Leonie Kidd with today’s edition of Morning Squawk.

Markets are ready to turn over a new leaf in November, with futures higher after closing out a tough October. 

This week brings a raft of market moments, with more Magnificent Seven earnings, the midterms, and a payrolls data day on Friday. 

Buckle up, it’s another big week. 

Oil prices are at the center of the price action, with both Brent and WTI falling over 4% in early trade. 

The move comes as negotiators renewed diplomatic efforts to ease tensions with Iran. According to Reuters, a draft proposal is being circulated after another round of talks in Doha on Sunday.

U.S. Secretary of State Marco Rubio told reporters this weekend that President Donald Trump would prefer to resolve the war “diplomatically,” adding that “…if we needed to do something militarily, we would have the ability to do it, and we really have everything we need to be successful. But we would prefer to do it peacefully.”

• Analysis: Goldman Sachs has raised its price forecast for oil for December to $105 per barrel for Brent and $94 per barrel for WTI crude, citing “high disruption risk.” The investment bank is pricing in a 1mb/d global supply disruption allowance through 2027. 
• Yergin’s view: Speaking to CNBC’s Dan Murphy in Abu Dhabi, S&P Global’s Dan Yergin said, “We are not going to return to a ‘past normal’, it’s going to be a new normal,” adding that the war in Iran remains an “open-hinge” moment in history.  

Futures are moving higher, looking set to start November on a positive note after the worst month for the Nasdaq 100 in a year. 

The chip stocks are supporting the gains, with a strong handover from Asia. Shares in SK Hynix and Samsung rose sharply during overnight trading. 

• Surprise: OpenAI boss Sam Altman made a surprise visit to South Korea, meeting with around 50 Samsung executives. He also reportedly met SK Chairman Chey Tae-won as he looks to build chip partnerships in the country. 

Apple will be hoping to bring the shine back to the Magnificent Seven after last week’s rough run for technology stocks. So far, the stock is the group’s best performer — up 28% year-to-date — but expectations are sky-high.

• Analysis: CNBC contributor Jeff Kilburg…