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A number of bearish pressures international oil prices fell by more than 3% on November 17

 Last Update: 2022-11-25
 Source: Internet
 Author: User

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Weighed down by a number of bearishness, international crude oil futures prices closed weakly on
November 17.

Light crude futures for December delivery fell $3.
95, or 4.
62%,
to settle at $81.
64 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for January 2023 delivery fell $3.
08, or 3.
32%, to settle at $89.
78 a barrel
.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said crude prices continued to fall
as investors' concerns about demand outweighed concerns about supply.

James Bullard, president of the Federal Reserve Bank of St.
Louis, said on the 17th that basic monetary policy principles require the US federal funds rate to rise to at least 5%, while stricter assumptions recommend raising interest rates to more than
7%.

On a technical level, the price of front-month crude oil futures contracts fell below the 50-day moving average, which triggered the fund's liquidation
, Keesler said.
Selling pressure is expected to continue
next week.

Stewart Glickman, an energy equity analyst at CFRA Research, said that overall, the oil market is in a tug-of-war between the supply side and the demand side, which makes oil prices volatile
.
But Glickman also said that he believes that oil supply and demand will rise next year, but demand growth is likely to exceed supply growth, which in turn will push oil prices higher
.

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