Brent crude oil prices saw a decline of over 2% on Friday and a cumulative drop exceeding 4% throughout the week, reaching near $70.80 per barrel, reflecting concerns about weak global economic momentum.
China's economic activity, as the world's largest crude importer, has slowed significantly, demonstrated by a reduction in oil processed by Chinese refineries in October, heightening fears of a global recovery.
The IEA forecasted a potential decrease in global oil demand in the coming years, predicting a supply surplus by 2025—a structural shift that could reshape current market dynamics.
Fed Chair Jerome Powell's comments on a cautious approach to interest rate cuts, against a backdrop of persistent inflation, suggest limited prospects for oil demand recovery in the near future.
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