Oil prices stuttered on November 08, 2023 after sliding to their lowest in over three months in the previous session, weighed down by concerns over waning demand in the world’s top oil consumers, the United States and China. Brent crude futures ticked up slightly by 4 cents to $81.65 a barrel by 0333 GMT, while US crude futures dipped 14 cents to $77.24 a barrel. Both declined to the lowest since July 24 on November 07, 2023.
US crude oil stocks rose by almost 12 million barrels last week, market sources said late November 07, 2023, citing American Petroleum Institute figures. The US Energy Information Administration (EIA) will delay the release of weekly inventory data until the week of November 13, 2023. Crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall, the EIA said on November 07, 2023.
The EIA now expects total petroleum consumption in the country to fall by 300,000 bpd this year, reversing its earlier forecast of a 100,000 bpd increase. The agency also forecast Venezuela’s crude oil production will increase by less than 200,000 barrels per day (bpd) to an average of 900,000 bpd by the end of 2024 under easing of US sanctions. Data in China, the world’s biggest crude oil importer, also raised doubts about the demand outlook. Crude oil imports by the world’s second-biggest economy in October showed robust growth but its total exports of goods and services contracted at a quicker pace than expected, adding to fears of lower global energy demand. https://shorturl.at/aluC2
Source: IBP