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Oil fell to four-month lows on demand worries, higher OPEC exportsInternational benchmarks for crude oil nosedived more than 4% on Tuesday, 7 November 2023 on renewed concerns over the demand outlook following a series of disappointing macro-economic data this week. |
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International benchmarks for crude oil nosedived more than 4% on Tuesday, 7 November 2023 on renewed concerns over the demand outlook following a series of disappointing macro-economic data this week. Besides, the lower utilization rates at Chinese and US refineries also weighed heavily on the demand. In a separate report, oil exports from OPEC have recovered about 1 million barrels/day from their August low, fueling fear of imbalanced supply-demand.
Brent fell $3.57 or 4.2% to close at $81.61/barrel. This is the first time the benchmark settled below $84/barrel since the Israel – Hamas conflict on 7 October.
WTI plunged $3.45 or 4.3% to close at $77.37/barrel.
