Oil prices decline for third straight session

2023-11-16 13:44PM UTC

Global oil prices fell on Thursday on track for the third straight session as US crude stocks climb in a negative sign of demand in the world's largest fuel consumer.


Prices are also hurt by renewed concerns about Chinese demand as Chinese refinery output declines in October.


Global Prices


US crude fell 1.1% to $75.72 a barrel, while Brent shed 0.75% to $80.32 a barrel, after losing 2.1% on Wednesday, as Brent lost 1.7%.


US Stocks 


The Energy Information Administration reported a spike of 17.5 million barrels in US crude stocks in the last two weeks.


Total stocks are now up up to 439.4 million barrels.



US Production 


The EIA reported no change in US crude production last week, remaining at 13.2 million  barrels, the highest in US history.


Chinese Demand 


Chinese refinery output declined once again in October according to latest official data, as demand on fuel declines. 


Chinese housing prices also fell for the fourth straight month in October, while real estate sales tumbled by 20.33% y/y. 




Analysts notice that technical factors limit upward movements in oil prices, in addition to clear global pressures due to changes in the demand-supply dynamics worldwide. 

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