The pressure on the oil market comes from concerns about the slowdown of the global economy and, accordingly, the demand for energy resources.
Global oil prices fell to their lowest since late August on concerns about a weakening global economy. This was confirmed by the trading data on Tuesday, November 7.
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Thus, Brent oil for January delivery on the London ICE Futures exchange fell by $2.92 (-3.43%) to $82.26 per barrel.
In turn, futures for WTI oil for December delivery on the New York Mercantile Exchange fell $2.80 (-3.46%) to $78.02 per barrel.
Western agencies wrote that the pressure on the oil market is caused by concerns about the weakening of the global economy and, accordingly, the need for energy.
Experts at Wood Mackenzie noted that the low economic growth in Europe is having a negative impact on the industrial sector, leading to a decrease in demand for gasoline and diesel fuel.
Industrial production in Germany fell by 1.4% in September compared to the previous month, the country’s Federal Statistical Office (Destatis) reported on Tuesday. Experts surveyed by Trading Economics predicted an average decline of just 0.1%.
Statistics from China, also released today, showed a sharper decline in export volumes in October.
“Weak economic expectations are constraining the oil market and justifying the position of OPEC+ countries limiting production,” said OANDA analyst Craig Erlam.
Earlier, the World Bank predicted that oil prices could rise by 75% if the conflict in the Middle East escalated.
Source: korrespondent
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