Posted 11/8/2023, 8:50:13 PM
Oil Prices Drop Below $80 on Demand Worries Despite Tight Supply
- Oil prices extend declines amid economic concerns and sufficient supply, with Brent slumping below $80 and WTI below $76
- Traders shift focus back to weak demand outlook as China's refining margins shrink, stockpiles swell, and air travel lags
- Russian oil shipments near 4-month high while US crude stockpiles increased 12 million barrels last week
- Technicals signal WTI slump overdone; OPEC+ still positive on demand outlook ahead of November meeting
- Fed Chair Powell among US central bankers speaking Wednesday, potentially signaling interest rate path