U.S. crude oil demand growth is expected to slow down next year International oil prices fell significantly on November 8

As the US Energy Information Administration expects the growth of US crude oil demand to slow down next year, international crude oil futures prices are weak in the overnight market and the morning of the 8th, and began to fluctuate lower at noon, and international oil prices fell
significantly at the close.

Light crude for December delivery fell $2.
88, or 3.
14%,
to close at $88.
91 a barrel on the New York Mercantile Exchange as of the close of the day.
London Brent crude for January 2023 delivery fell $2.
56, or 2.
61%,
to settle at $95.
36 a barrel.

In its short-term energy outlook report released on the 8th, the U.
S.
Energy Information Administration lowered its 2023 energy demand forecast and said that U.
S.
crude oil production will increase by 480,000 barrels next year, lower than the previous expectation of 610,000 barrels
.

The latest report from the U.
S.
Energy Information Administration expects U.
S.
GDP to contract by 0.
1 percent in 2023, compared with a previous forecast of 1.
3 percent, and U.
S.
liquid fuel demand will rise by 100,000 b/d next year, down from the previous forecast of 190,000 b/d
.

Dennis Kissler, vice president of trading at BOK Finance, a U.
S.
financial services institution, said that most traders were concerned about the increase in the number of new crown infections and related prevention and control measures
taken that morning.
Meanwhile, gasoline and diesel supplies remain uncomfortably low, while cooling weather is ushering in much of the United States, limiting the decline
in oil prices.

Bob Yawger, head of energy futures business at Mizuho Securities USA, said that the market has some doubts about the US midterm elections held on the 8th, and people are waiting for the election results
.

According to the results of the survey released by S&P Global late on the 7th, analysts believe that US commercial crude oil inventories fell by 700,000 barrels month-on-month last week, while gasoline and distillate inventories are expected to fall by 1.
2 million barrels and 900,000 barrels
respectively.
The average U.
S.
refinery run rate last week is expected to increase by 0.
5 percentage points month-on-month to 91.
1%.

Analysts at Sevens Report, a U.
S.
market research publication, said the recent trend in oil prices remains positive for bulls
.
New York oil prices were a key resistance level at their October closing high of $93.
20 a barrel, which sent New York crude prices in
a range of about $78 to $93 a barrel.
This week, the results of the U.
S.
midterm elections, the U.
S.
consumer price index and other factors could help drive crude oil futures prices above resistance and to closing highs in recent months
.