OPEC lowers oil demand growth forecast International oil prices fell significantly on November 14

OPEC lowered its global oil demand forecast for this year and next coupled with the significant strengthening of the US dollar, and the international crude oil futures price closed weakly on November 14
.

Light crude futures for December delivery fell $3.
09, or 3.
47%,
to settle at $85.
87 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for January 2023 delivery fell $2.
85, or 2.
97%, to settle at $93.
14 a barrel
.

OPEC maintained its global economic growth expectations for this year and next year in the November oil market report released on the 14th, and said that this reflects that economic growth in the fourth quarter of this year and the next few quarters may be affected by uncertainty
.

However, the OPEC report lowered its forecast for global oil demand by 100,000 b/d for 2022 and 2023, with adjusted demand growth expected to be 2.
5 million b/d and 2.
2 million b/d
, respectively.

At the same time, Fed Governor Christopher Waller said on the 13th that although the Fed may consider slowing down the pace of interest rate hikes at the next interest rate meeting, this should not be considered as a softening
of the Fed's position on reducing inflation commitments.

Stephen Innes, head of trading and market strategy at SPI Asset Management, said Waller's comments were skewed toward sticky inflation or recession narratives, which were negative
for oil prices and risk asset markets.
Data show that the dollar index strengthened significantly on the 14th, and still rose more than 0.
5%
after the afternoon shock retreat.

Warren Patterson, head of commodity strategy at Commerzbank, said the strength of the dollar was weighing on oil and commodity markets as a whole
.

Christopher Lewis, an analyst at FXEmpire, said the crude oil market started the week lower
as it continued to consolidate.
Oil prices in New York are still below
the 200-day moving average.