Brent crude futures fell $1.52, or 2.09 percent, to $71.04 per barrel. US West Texas Intermediate crude futures also fell $1.68, or 2.45 percent, to $67.02.
And over the course of the week, he fell Brent Four percent and West Texas Intermediate about five percent.
Data from the National Bureau of Statistics in China, on Friday, showed a 4.6 percent decline in crude refining activity at Chinese refining companies in October compared to the same period last year, recording a decline on an annual basis for the seventh month in a row, amid the closure of some stations and a reduction in operating rates at refining companies. Smaller independent.
The International Energy Agency expected that the global supply of oil would exceed demand in 2025, even with the continued reductions of the OPEC+ alliance, which includes the countries of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, at a time when the increase in production from the United States and other producers exceeds Outside OPEC+ demand slows.
The Paris-based agency raised its forecast for demand growth by 60,000 barrels per day in 2024 to 920,000 barrels per day, and kept its forecast for oil demand growth in 2025 unchanged at 990,000 barrels per day.
This week, OPEC also reduced its forecasts for growth in global oil demand for this year and 2025, in what represents the fourth downward review by the organization of its forecasts for 2024.
The US Energy Information Administration said on Thursday that crude inventories rose by 2.1 million barrels last week, far exceeding analysts’ expectations of an increase of 750,000 barrels.
At the same time, the administration stated that gasoline stocks fell by 4.4 million barrels last week to the lowest level since November 2022, compared to analysts’ expectations in a Reuters poll for an increase of 600,000 barrels.
The data also showed that distillate stocks, which include diesel and heating fuel, unexpectedly fell by 1.4 million barrels.
