Crude Oil Prices Fall, Ending Week on a Sharp Loss
WTI crude oil futures declined 2.4% to settle at $67 per barrel on Friday, booking a weekly loss of 5%, pressure by concerns over China’s waning demand and stronger US dollar. China’s crude processing dropped 4.6% in October, reflecting slower factory output and persistent demand issues.
Additionally, the IEA and OPEC both revised down their global demand growth forecasts, with the IEA predicting a 1 million barrel per day supply surplus in 2025. OPEC also cut its 2023 and 2025 demand outlooks, citing weakness in key markets like China and India. Further weighing on prices is the stronger US dollar, which surged to a 2-year high, reducing the appeal of dollar-priced commodities.
Data from the US Energy Information Administration showed that US crude inventories rose by 2.1 million barrels last week, exceeding expectations of a 1.9 million-barrel rise.
Source: Trading Economics