Oil falls on Chinese demand concerns

Oil prices fell more than two dollars today, amid growing concerns about oil demand, with the worsening outbreak of the Corona virus in China, the largest importer of crude, in addition to tension over the results of the midterm elections in the US Congress.

The US Energy Information Administration cut its forecast for US energy demand for 2023 and forecast US production next year to be 21% lower than previously expected, and said US distillate fuel stocks in October hit their lowest levels since 1951. Brent crude futures for January delivery fell $2.56, or 2.6%, to $95.36 a barrel, and US West Texas Intermediate crude futures fell $2.88, or 3.14%, to $88.91 a barrel.