Supply expectations increase Crude oil prices fall

According to the OilNOW website on November 15, crude oil prices fell on Monday as the market expected an increase in supply, while rising energy costs and an increase in new crown cases also put pressure
on demand.

As of 7:31 GMT, Brent crude futures were down 63 cents, or 0.
8 percent, to $81.
54 a barrel
.
U.
S
.
West Texas Intermediate (WTI) crude fell 55 cents, or 0.
7 percent, to $80.
24 a barrel.

Over the past three weeks, the oil market has fallen
on the back of a stronger dollar and speculation that the government may release oil from the U.
S.
Strategic Petroleum Reserve to cool prices.

ANZ analysts said in a note: "The White House has been discussing how to deal with high inflation, with some officials calling for the use of strategic reserves, or the cessation of US exports
.
" ”

U.
S.
energy companies added oil and gas rigs this week for the third straight week as crude prices hovered near seven-year highs, prompting some drillers to return to the wellsite
.

Energy services company Baker Hughes said Friday that the number of oil and gas rigs rose six to 556 in the week ended Nov.
12, the highest level
since April 2020.

Meanwhile, OPEC last week cut its world oil demand forecast for the fourth quarter by 330,000 bpd from last month's forecast as energy prices hampered economies
recovering from the pandemic.

Europe is once again at the epicenter of the coronavirus pandemic, prompting some governments to consider reimposing lockdowns
.

Rosneft reported on Friday that there could be a "supercycle" in global energy markets, with oil prices likely to rise
further as demand outstrips supply.
Rosneft is the world's second-largest oil company
by production after Saudi Aramco.