OIL: Oil Summary at European Close: Crude Resumes Fall

Crude has erased earlier gains to be lower on the day, with pressure from OPEC’s further reduction in its demand forecast. Meanwhile, soft China economic data and continued strength in the US dollar also weigh on prices.

• Brent JAN 25 down 0.2% at 71.71$/bbl
• WTI DEC 24 down 0.2% at 67.91$/bbl
• OPEC cut its oil demand growth forecast for a fourth consecutive month. It expects demand to grow by 1.82mn bpd this year and 1.54mn bpd next year, down from 1.93mn bpd and 1.64mn bpd respectively.
• OPEC demand growth projections have been widely seen as overly optimistic this year. It expects demand to grow by 1.82mn bpd this year and 1.54mn bpd next year, down from 1.93mn bpd and 1.64mn bpd respectively.
• Russia's crude production was at 9.010m b/d in October vs 9.0m b/d in September. (9k higher m/m) - October production was 42kbpd above Russia’s pledge in the OPEC+ agreement.
• Russia’s weekly seaborne crude shipments rebounded up by 260kb/d in the week to Nov. 10, according to Bloomberg.
• There is also uncertainty over the impact of the Trump administration on global supply and OPEC+ output plans for 2025 after the delayed production hike originally planned for Q4.
• U.S. crude exports to China showed a recovery in recent months after hitting a multi-year low in August according to Kpler when imports were dented by sluggish fuel demand and weak margins.
• Canada exports most of its crude to the US but does not expect the Trump administration to include tariffs on these imports, Reuters said.
• Exxon CEO sees strong oil supply impacting prices instead of demand, according to Bloomberg.