Oil prices fell on Wednesday to their lowest levels in more than 3 months due to concerns about declining demand in the United States and China.
Both crude oil prices fell to their lowest level since mid-March Last July.
“Prices have reached… Oil Its lowest levels since last July today in light of the impact of weaker economic expectations.”
“The focus is clearly shifting from supply shortages to weak demand, and central banks’ insistence on keeping interest rates high could exacerbate the situation,” Erlam added.
Crude oil fell by about 4% the day before yesterday, Tuesday, after news that exports from China – the world’s largest oil importer – declined at a faster pace than expected last October, which raised new concerns about declining levels of demand.
Market sources said late Tuesday – citing figures from the American Petroleum Institute – that US crude oil inventories rose by about 12 million barrels last week.
This comes at a time when US government data expected demand for gasoline in the United States to decline next year to the lowest level in 20 years.
In terms of supply on the global market, shipments of Russian oil on the global market reached their highest levels in 4 months.