Market concerns about demand outlook continue International oil prices fell significantly on December 6

As the market's concerns about the Fed's tightening of monetary policy continued, international crude oil futures prices fell in the overnight market, continued to fluctuate back in early trading on December 6, narrowed the decline at the end of the day, and closed with a significant drop in international oil prices
.

Light crude futures for January 2023 delivery fell $2.
68, or 3.
48%, to close at $74.
25 a barrel on the New York Mercantile Exchange by the close of the day, falling to its lowest level since the end of December; London Brent crude futures for February 2023 delivery fell $3.
33, or 4.
03%, to settle at $79.
35 a barrel
.

Phil Smith, Senior Market Analyst at Price Futures Group, USA.
Flynn said on the 6th that concerns that the Federal Reserve will push the US economy into recession are driving the oil market
.

FXEmpire market analyst Vladimir ? Vladimir Zernov said on the same day that as traders focused on the risk of a global recession, New York oil prices continued to come under pressure, closing below
$75 a barrel.
Interestingly, the price cap on Russian seaborne oil exports by Western countries has not supported the oil market
.

Matt Smith, leading oil analyst at market research firm KPLER Americas.
Matt Smith said that the G7, the European Union and Australia began to impose price cap restrictions on Russian seaborne oil exports on the 5th, and there is currently no impact
on Russian oil exports.
Crude oil prices fell
in the market's overall safe-haven environment as Russian oil exports have not yet fallen and the market is worried about the Federal Reserve's interest rate hike.

Russian Deputy Prime Minister Alexander Alexander? In the first 11 months of this year, Russian oil and gas condensate production increased by 2.
2% year-on-year, and the latest sanctions from Western countries are expected to reduce Russian production slightly
, Novak said.

Eli Tesfaye, senior market analyst at RJO Futures, said sentiment in the market has become more negative
.
As things go, New York oil prices could fall to $60 a barrel
.
$80 a barrel could be the high of a new range for New York oil prices
.
It would surprise itself if oil prices in New York rose above $80 a barrel
.

The US Energy Information Administration's short-term energy market report for December released on the 6th predicts that global oil inventories will fall by 200,000 barrels per day in the first half of next year and increase by nearly 700,000 barrels per day in the second half of next year, thus lowering the price forecast for Brent crude oil futures in 2023 from $95 per barrel to $92 per barrel
.

The U.
S.
Energy Information Administration expects the U.
S.
economy to contract in the fourth quarter of this year and the first quarter of next year, with less duration and depth than expected
in the November report.

According to survey data released by S&P Global on the 6th, analysts believe that due to strong refinery demand, U.
S.
commercial crude oil inventories fell by 2.
6 million barrels month-on-month last week, while gasoline and distillate inventories increased by 2.
9 million barrels and 1.
9 million barrels respectively
.
Last week, U.
S.
refinery runs are expected to increase 0.
4 percentage points month-on-month to 95.
6%.