World Oil Prices Falling More and More, What Happened?

<p>&nbsp;Crude oil is seen continuing to fall to a three-month low as forecasted consumption and demand for gasoline in the United States eases.</p><p><br /></p><p>Brent crude fell to 80 USD per barrel after a 4.2% decline last Tuesday.</p><p><br /></p><p>According to Federal Reserve (FED) forecasts, US gasoline demand will reach its lowest level in the next 20 years due to inflation and less engine use.</p><p><br /></p><p>The drop in oil prices has been influenced by the major conflict in the Middle East (Israel-Hamas), China's unstable economy and renewed concerns about the FED's tightening measures.</p><p><br /></p><p><br /></p><p>On the supply side, shipments to Russia are seen approaching four-month highs. Meanwhile, industry data showed US crude oil stocks rose by nearly 12 million barrels last week.</p><p><br /></p><p>Crude oil at the Cushing, Oklahoma hub increased by 1.1 million barrels last week according to the American Petroleum Institute (API) report on Tuesday.</p><p><br /></p><p>The Energy Information Administration will release official data on November 15 and it will be the biggest increase since June 2023.</p><p><br /></p><p>However, OPEC+ remains optimistic about crude oil demand ahead of ministerial meetings with Saudi Arabia and Russia that could potentially extend additional supply cuts in 2024.</p>