Oil prices head for fourth weekly loss in row

2023-11-17 11:47AM UTC

Global oil prices rose in European trade for the first time in four days off four-month lows on active short-covering.


Oil prices nonetheless are heading for the fourth weekly loss in a row amid renewed concerns about global demand especially in the US and China.


Global Oil Prices


US crude rose 1.4% to $73.86 a barrel, while Brent rallied 1.1% to $78.27 a barrel.


US crude swooned 4.8% on Thursday, plumbing a four-month lows at $72.22, while Brent slid 4.4% to $76.65 a barrel, the lowest since July 7. 


Weekly Trading


Oil prices are down 4.25% so far this week on track for the fourth weekly loss in a row.


Both OPEC and the International Energy Agency now expect supplies to decline in the fourth quarter, however, a series of weak US, Chinese, and European data sparked concerns about global fuel demand. 


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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