Oil prices fall over 2% on expectations of lower demand

Global oil prices on November 18 morning fell by more than 2% on expectations of a decline in demand for this type of raw material, Report informs referring to the auction data.

The price of January futures for Brent crude fell by 2.78% to $90.29 per barrel, while December futures for WTI decreased by 3.83% to $82.31.

Due to the ongoing anti-COVID restrictions in the largest oil importer - China - traders are worried about the decline in demand for raw materials.

Demand in the eurozone also remains weak even with the approaching European Union ban on Russian oil supplies, Ed Moya, a senior market analyst at Oanda Corp., told Bloomberg.

As a result, negative macroeconomic forecasts reduce the potential demand for oil in all these countries.

Oil prices cannot get rid of the deterioration of short-term forecasts by the two largest economies in the world, the expert summed up.