Crude oil prices have dropped nearly 9% from an early October high of $80.35 per barrel, with Brent crude struggling to stay above $75 as OPEC lowers its global oil demand forecast for the fourth time.
On October 14, OPEC lowered its projection for global oil demand growth in 2024, predicting a rise of 1.93 million barrels per day (bpd), down from its earlier estimate of 2.03 million bpd in the previous month.
This adjustment likely signaled a shift in market sentiment, setting the stage for a downward trajectory in oil prices.
Brent Oil futures, which peaked at $80.35 per barrel on October 7, fell to $72.55 per barrel by the end of the month.
Although crude oil futures briefly rallied to $75.53 per barrel in early November, prices soon fell back to the $72 range after OPEC issued another downgrade on November 12, lowering its demand forecast to 1.82 million bpd.
Market trend
Crude oil prices have faced persistent challenges in maintaining a long-term upward trend, mirroring a…