Latest Oil Prices, Market News and Analysis for Nov. 13 - Bloomberg
Latest Oil Prices, Market News and Analysis for Nov. 13 - Bloomberg
Oil Extends Three Weekly Drops With Focus on Demand Outlook
- Global benchmark Brent has declined 12% since late October
- Industry reports from OPEC, IEA to give snapshot of market
Oil extended three weeks of declines as traders wait for industry reports to confirm whether the recent run lower has been overdone.
Brent crude dropped below $81 a barrel, after losing about 12% over the past three weeks on growing concerns over global demand and the unwinding of the Israel-Hamas war’s risk premium. West Texas Intermediate traded near $76. OPEC will publish its monthly market report on Monday, followed this week by the International Energy Agency and two weeks’ worth of US inventory data.
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Oil Extends Three Weekly Drops With Focus on Demand Outlook
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.