Investors take profits International oil prices fell on November 7

As investors took profits after oil prices soared, international crude oil futures prices fell in the overnight market, turning from falling to rising on the morning of the 7th, and then falling significantly, and international oil prices fell
at the close.

As of the close of the day, light crude futures for December delivery on the New York Mercantile Exchange fell $0.
82, or 0.
89%,
to settle at $91.
79 a barrel.
London Brent crude for January 2023 delivery fell $0.
65, or 0.
66%,
to settle at $97.
92 a barrel.

In early trading that day, the price of Brent crude oil futures for January 2023 delivery rose as high as $99.
56 per barrel, and then fell back and turned from up to down
.

Christopher Lewis, an analyst at FXEmpire, said the crude oil market is breaking out to the upside, and it looks like Brent crude futures are trying to hit the $100 a barrel mark
.
Since this integer mark is psychologically important and receives a lot of attention, a breakout will attract new buyers, and Brent oil prices may rise to the $105 per barrel level
.

Bob Yawger, head of energy futures at Mizuho Securities, said that for many, it looked like December would be short of crude oil, especially in the euro zone
.

The European Union will impose an embargo on Russian crude oil exports by sea from December 5, and the market is expected to reduce Russian crude oil production and tighten
market supply.

Phil Flynn, senior market analyst at Price Futures Group, said the market is still a little nervous
about the outlook for oil demand.

The dollar index was significantly lower about 0.
6% on the day, boosting dollar-denominated commodity prices
.