The market is worried about the outlook for oil demand International oil prices fell on November 3

As the market was worried about the outlook of oil demand, international crude oil futures prices fell in the overnight market, and on November 3, the intraday was weak and volatile, and international oil prices fell
at the close.

Light crude for December delivery fell $1.
83, or 2.
03%,
to close at $88.
17 a barrel on the New York Mercantile Exchange as of the close of the day.
London Brent crude for January 2023 delivery fell $1.
49, or 1.
55%,
to settle at $94.
67 a barrel.

PVM Oil Colleague analyst Tamas Varga said that anxiety about stagnant economic growth will inevitably affect global oil demand expectations, and oil demand may fall
.

Robbie Fraser, global commodity analyst at Schneider Electric, said there is an increased
risk of recession in the economy as expectations of the Fed raising interest rates too much rather than not raising them enough.
As oil demand could be hit, this is negative for crude oil prices
.
The strength of the dollar has also weighed on
the price of crude oil denominated in dollars.

On the day, safe-haven demand pushed the dollar index up sharply by about 1.
4%, putting commodity prices under obvious pressure
.

Ipek Ozkardeskaya, a senior analyst at Swissquote, said the Fed-induced sell-off in risky assets limited the room for
oil prices to rise.
With recession fears likely to deter investors who would have bought at current prices, New York crude futures are unlikely to gain good momentum
above $90 a barrel.

James Hyerczyk, a senior editorial team member of FXEmpire, a foreign exchange market information website, said that although oil prices in New York fell on the 3rd, they showed range-bound fluctuations
.
Tight supply has supported oil prices, but fears of a global recession triggered by high interest rates have limited oil price gains
.

Stephen Innes, head of trading and market strategy at SPI Asset Management, said oil prices were surprisingly resilient after the Fed raised interest rates, with fundamentals providing bottom support
for oil prices.

OPEC crude oil production averaged 29.
71 million barrels per day in October, down 20,000 barrels month-on-month and the first decline
since June, a Reuters survey showed.
OPEC's average output in October was 1.
36 million b/d
below its quota.