2023-11-17 04:18:02
Brent crude futures rose ten cents, equivalent to 0.1 percent, to $77.52 per barrel by 0232 GMT, while US West Texas Intermediate crude saw no significant change and remained at $72.95. The two benchmarks lost regarding one-sixth of their value over the past four weeks.
Both the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency expected a supply shortage in the fourth quarter, but some important economic data released around the world this week showed that demand is lower than expected.
The decline in oil prices this week is mainly due to the sharp rise in US crude inventories and the continuation of production at record levels, which analysts say has raised fears of weak demand in the world’s largest oil consumer amid rising production.
JP Morgan Commodity Research said on Friday that tracking global oil demand showed that average demand reached 101.6 million barrels per day in the first half of November, 200,000 barrels per day less than its expectations for this month.
Analysts said the recent drop in prices is also likely to prompt Saudi Arabia to extend oil production cuts until 2024.
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