Market sentiment continues to come under pressure International oil prices fell significantly on November 18

The supply and demand situation continued to weigh on market sentiment, and international oil prices fell
significantly on November 18.

Light crude futures for December delivery fell $1.
56, or 1.
91%,
to settle at $80.
08 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for January 2023 delivery fell $2.
16, or 2.
41%, to settle at $87.
62 a barrel
.

UBS Group said on the 18th that concerns about the deterioration of the demand outlook continued to put pressure on the market, and oil prices fell
for the second consecutive week.

Naeem Aslam, chief market analyst at AvaTrade, said that because on the demand side, there are concerns about an economic slowdown, so the direction of least resistance to oil prices is downward
.

Christopher Lewis, an analyst at FXEmpire, a foreign exchange information website, said that the crude oil market fell significantly during the week as the lack of oil demand began to affect market trading, and the price of New York crude oil futures broke the important psychological threshold of $80 per barrel in the session
.

Data released by oilfield service company Baker Hughes on the 18th showed that the number of active oil rigs in the United States in the week was 623, an increase of 1 month-on-month and a year-on-year increase of 162.

Over the same period, the number of active oil rigs in Canada was 135, up 2 month-on-month and 33 year-on-year
.

Commerzbank analyst Barbara Lambrecht said the market will undoubtedly focus on OPEC+ crude supplies in the coming weeks, and it remains to be seen how much the actual reduction in production will be
after its announcement of a 2 million b/d cut.

UBS said it was expected to support oil prices by further tightening of supply in the oil market
.
OPEC+ production cuts began in November, and an upcoming EU embargo on Russian oil exports is likely to weigh on Russian crude production
.

Ramblecht said it remains unclear what is the material impact
of the EU embargo and price cap restrictions on Russian oil supplies on Russian crude supplies.
So far, Russia still looks like it has been able to find enough buyers for crude and even increased production
.
Nevertheless, it is believed that these two factors will lead to a reduction in supply, which in turn will support oil prices in the future
.