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Brent Crude Oil Fell Below 93$, Pressured by Demand Concerns

Brent Crude Oil fell below $93 per barrel on Tuesday, extending a sharp decline from the previous session as a weakening demand outlook outweighed signs of tightening supply heading into winter.

OPEC further trimmed its global oil demand growth forecasts for 2022 and 2023, citing mounting economic challenges such as high inflation, rising interest rates and supply chain disruptions.

Investors also continued to fret about resurgent Covid outbreaks in top crude importer China that made the possibility of an economic reopening more uncertain, as well as a buoyant dollar that has been supported by hawkish Federal Reserve remarks.

Meanwhile, the supply outlook remained clouded after OPEC+ agreed to reduce output by 2 million barrels a day in November, while the European Union will ban Russian oil from December

However, Also WTI crude oil fell toward $85 per barrel on Tuesday, extending a sharp decline from the previous session as a weakening demand outlook outweighed signs of tightening supply heading into winter.

OPEC further trimmed its global oil demand growth forecasts for 2022 and 2023, citing mounting economic challenges such as high inflation, rising interest rates and supply chain disruptions.

And US natural gas futures rose to $6/MMBtu in the third week of November, supported by prospects of higher heating demand due to colder than average temperatures. Meanwhile, there are rumors that the restart of the Freeport LNG export plant will be delayed until December

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