Crude oil is seen continuing to fall to a three-month low as forecasted consumption and demand for gasoline in the United States eases.
Brent crude fell to 80 USD per barrel after a 4.2% decline last Tuesday.
According to Federal Reserve (FED) forecasts, US gasoline demand will reach its lowest level in the next 20 years due to inflation and less engine use.
The drop in oil prices has been influenced by the major conflict in the Middle East (Israel-Hamas), China's unstable economy and renewed concerns about the FED's tightening measures.
On the supply side, shipments to Russia are seen approaching four-month highs. Meanwhile, industry data showed US crude oil stocks rose by nearly 12 million barrels last week.
Crude oil at the Cushing, Oklahoma hub increased by 1.1 million barrels last week according to the American Petroleum Institute (API) report on Tuesday.
The Energy Information Administration will release official data on November 15 and it will be the biggest increase since June 2023.
However, OPEC+ remains optimistic about crude oil demand ahead of ministerial meetings with Saudi Arabia and Russia that could potentially extend additional supply cuts in 2024.
