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2026-11-05 05:34:27
International oil prices fell significantly on November 4th. By the close of trading that day, the price of light sweet crude oil futures for December delivery on the New York Mercantile Exchange fell by $7.97, ultimately settling at $88.12 per barrel, a drop of 8.29%; the price of Brent crude oil futures for January delivery on the London ICE Futures Exchange fell by $8.98, closing at $94.62 per barrel, a drop of 8.67%. This sharp decline in oil prices was mainly due to the combined effect of multiple market factors. On the one hand, concerns about a slowdown in global economic growth potentially dragging down oil demand continued to intensify; on the other hand, expectations of tight supply in the oil market have eased recently. The convergence of these multiple negative factors led to this significant adjustment in oil prices.
