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Crude oil futures end deeply in red on concerns about outlook for energy demand from China

15 Nov 2022 Evaluate

Crude oil futures ended deeply in red on Monday on concerns about the outlook for energy demand from China and on a downward revision in demand growth forecast by the Organization of the Petroleum Exporting Countries (OPEC). In its monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth this year by 100,000 barrels a day to 2.55 million barrels per day. Further, a stronger dollar weighed as well on oil prices.

Benchmark crude oil futures for December delivery fell $3.09 or about 3.5 percent at $85.87 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $3.25 or about 3.39 percent to settle at $92.74 (Provisional) a barrel on London's Intercontinental Exchange.