Crude oil prices fall to a four-month low.

Brent and WTI crude oil both fell by more than 4% yesterday, reaching their lowest levels since late July, due to concerns about cooling supply and demand.

At the close of trading on November 7th, Brent crude oil prices fell 4.2% to $81.60 per barrel. WTI crude oil prices dropped 4.3% to $77.30. Both were at their lowest levels since the end of July. Brent crude also fell below $84 for the first time since the conflict in the Middle East erupted.

Brent crude prices are currently fluctuating around this level. Meanwhile, WTI prices continue to fall, reaching $77.2 per barrel.

"Investors remain highly wary of signs of widespread conflict in the region, which could disrupt supply chains. But those concerns are gradually easing," said Craig Erlam, an analyst at OANDA.

Crude oil exports from the Organization of Petroleum Exporting Countries (OPEC) are recovering, according to Giovanni Staunovo, an analyst at UBS. "Compared to the lows in August, OPEC crude oil exports have increased by 1 million barrels a day, due to weakening demand in the Middle East," Staunovo said. Concerns about supply shortages have therefore eased.

On the demand side, China's crude oil imports rose in October, but overall imports of goods and services contracted. "The figures suggest the outlook for the Chinese economy remains downward," said Fiona Cincotta, an analyst at City Index.

US oil inventories rose by 12 million barrels a day last week, according to the American Petroleum Institute. The US Energy Information Administration now forecasts US oil consumption to fall by 300,000 barrels a day this year, a reversal from its previous forecast of a 100,000 barrel increase.

"There were concerns that oil supply was increasing and demand was falling. The market is no longer under such strain," said Robert Yawger, an analyst at Mizuho.

Another reason for the decline in oil prices is the strengthening of the US dollar, making oil more expensive compared to holders of other currencies. The market is now awaiting statements from Federal Reserve Chairman Jerome Powell today and tomorrow to predict the central bank's interest rate policy.

Ha Thu (according to Reuters)

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