Print

Global oil benchmarks declined on Thursday, November 12, 2024, as market sentiment was pressured by the International Energy Agency's (IEA) forecast of ample supply for the coming year. This followed OPEC+'s decision in the previous session to lower its demand growth projections for the fifth time, citing persistent concerns over weakening demand in China. This is despite recent fiscal stimulus measures aimed at revitalizing the Chinese economy.

Price movements:

• Brent crude fell by 11 cents, settling at $73.41/barrel.
• West Texas Intermediate (WTI) decreased by 27 cents, closing at $70.02/barrel.

The decline in oil prices was partially mitigated by optimism about a potential interest rate cut by the US Federal Reserve in December. Lower rates typically reduce borrowing costs, fostering increased investment and consumer spending, which could bolster oil demand.

Written by: Muhammad Hafiz