Crude oil closes: weighing energy demand and the impact of Russia's oil ban Crude oil rebounded from a three-week low to close higher

On November 16, crude oil futures ended higher
from early losses as traders weighed the outlook for energy demand and the impact of the International Energy Agency's imminent ban on Russian oil.

West Texas Intermediate crude for December futures on the New York Mercantile Exchange closed up $1.
05, or 1.
2 percent, at $86.
92 a barrel, down 3.
5 percent
on Monday.
ICE Brent crude futures for January settled up 72 cents, or 0.
8 percent, at $93.
86 a barrel, after an intraday low of $91.
53
.
Front-month Brent and West Texas Intermediate contracts both hit their lowest levels of the session since Oct.
25
, FactSet data showed.

December gasoline fell 0.
5 percent to $2.
5161 a gallon, and December heating oil rose 2.
5 percent to $3.
6351 a gallon
.
Natural gas rose 1.
7%, or 1.
7%,
to $6.
034 per million British thermal heat in December.

Russia's more than 1 million barrels per day oil exports will be broken
in a matter of weeks as Europe's ban on Russian crude imports and plans to limit the selling price of Russian crude take effect, the International Energy Agency said on Tuesday.

The Paris-based IEA also raised its global oil demand forecast by 170,000 b/d this year to 99.
8 million b/d and by 130,000 b/d next year to 101.
4 million b/d
.
The release of the report comes after the Organization of the Petroleum Exporting Countries released its monthly oil report
on Monday.
OPEC edged down its forecast for global oil demand growth by 100,000 b/d to 2.
5 million b/d, while adjusting supply forecasts slightly and delaying adjustments to global growth forecasts
.

OPEC warned that the oil market faces considerable uncertainty, and "while this is a bold statement, the reality is that, according to their own data, the oil market is tighter than at any time in more than a decade," Phil Flynn, senior market analyst at Price Futures Group, said
in a daily note.

Markets continue to look for signs of economic optimism or new concerns from major oil consumers
.
Michael Hewson, chief market analyst at CMC Markets UK, said: "Despite the optimism that the economy will reopen, people seem to be finally realising that even if Chinese officials talk about this, they are still some way from implementation
.
"

Meanwhile, Troy Vincent, a senior market analyst at DTN, attributed the earlier drop in oil prices to "developments in physical and financial markets.
"
He said the dollar "after approaching major technical support levels.
.
.
There is interest in buying as the euro is hitting a long-term technical resistance level
.
"This could prove to be the beginning of the dollar's continuation of its long-term strengthening trend after a six-week correction, which is a concern
for the oil market.
"

Late Tuesday, the ICE dollar index rose 0.
1 percent to 106.
78, but is still up more than 10 percent
so far this month.
A stronger dollar could put pressure
on the prices of dollar-denominated commodities, including oil.

Robbie Fraser, global research and analysis manager at Schneider Electric, said in a daily report that U.
S.
oil inventory data will be in the spotlight
this week.
While commercial crude inventories have made recent progress, that growth has often come at the expense of
further declines in the U.
S.
Strategic Petroleum Reserve, he said.

The U.
S.
Energy Information Administration will release its weekly U.
S.
oil supply report
on Wednesday morning.
According to a survey by S&P Global Commodity Insights, analysts on average expect the report to show a 400,000 barrel reduction in crude oil supply, 800,000 barrels less gasoline supply and 500,000 barrels
less distillate supply.