Concerns about oil demand continue to weigh on the market International oil prices fell on October 11

As concerns about the decline in oil demand continue to put pressure on the market, the international crude oil futures price turned from rising to falling in the overnight market, and the weak consolidation in the morning of the 11th, the tail was significantly lower, and the international oil price fell
at the close.

As of the close of the day, light crude oil futures for November delivery on the New York Mercantile Exchange were down $1.
78, or 1.
95 percent
, to close at $89.
35 a barrel.
Brent crude futures for December delivery in London fell $1.
90, or 1.
98%,
to close at $94.
29 a barrel.

The International Monetary Fund released the latest "World Economic Outlook Report" on the 11th, and it is expected that the global economic growth rate will further slow down to 2.
7% in 2023, down 0.
2 percentage points
from the July forecast.

Analysts at U.
S.
commodity and stockbroker StoneX said fears of a recession had diverted attention from tight market supplies and oil prices had fallen
.

Craig Erlam, a senior market analyst at Chubb, said pessimism was on the rise
.

Vladimir Zernov, a market analyst at FXEmpire, said that while the OPEC+ production cuts have provided significant support for oil prices, traders are still worried that
the global economic slowdown will lead to lower demand.

From a broader perspective, a pullback in oil prices after a strong rally looks healthy, Zernov said, but New York oil prices need additional positives to get back to recent highs
.

John Kirby, the strategic communication coordinator of the US National Security Council, said in an interview with the media on the 11th that after OPEC+ announced production cuts a few days ago, US President Joe Biden is re-evaluating relations
with Saudi Arabia.

Commerzbank analysts said that because the OPEC+ production cuts will last until the end of 2023, the risk of insufficient supply next year is looming
.

According to survey data released by S&P Global on the 11th, analysts believe that US commercial crude oil inventories increased by 2.
2 million barrels month-on-month last week, and gasoline and distillate oil inventories fell by 2.
1 million barrels and 2.
3 million barrels
respectively.
Last week, the average U.
S.
refinery operating rate is expected to fall 0.
8 percentage points month-on-month to 90.
5%.