Oil Prices Fall 4% in Week on China Demand Concerns

Brent crude futures for January 2025 delivery fell 2.1% to $71.04 a barrel, recording weekly losses of 3.85%.

Nymex crude futures for December delivery fell 2.45% to $67.02 a barrel, down 4.75% on the week.

This came after the International Energy Agency (IEA) forecast a supply surplus of more than 1 million bpd in 2025, with concerns about demand from China.

IEA Executive Director Fatih Birol said at the COP29 summit: "Global demand for oil is weakening, driven by slowing Chinese economic growth and the increasing spread of electric vehicles around the world."

China's refinery throughput fell for the 7th straight month on a year-on-year basis, falling 4.6% in October to 59.54 million metric tons of crude oil, or 14.02 million bpd, official data showed.

Latest oil Prices

WTI Crude             $67.02  -2.45%

Brent Crude          $71.04  -2.09%

Murban Crude     $70.40  -2.09%

Louisiana Light    $70.79  +0.80%

Bonny Light         $78.62  -2.84%

Opec Basket        $71.67  +0.22%

Mars US                $74.75  -1.71%

Gasoline               $1.949  -1.63%

Natural Gas         $2.823  +1.36%