US crude settles lower 2%

Oil drilling rigs

Oil prices slid on Thursday, weighed down by concerns over weak US demand and rising global supply, which overshadowed risks stemming from Middle East tensions and the Russia-Ukraine war.

Brent crude futures for November delivery fell 1.66%, or $1.12, to $66.37 per barrel.

US WTI crude futures for October delivery declined 2%, or $1.30, to $62.37 per barrel.

Oil prices are falling today in response to bearish IEA headlines, which suggest massive oversupply on the oil market next year, Reuters reported, citing Carsten Fritsch, an analyst at Commerzbank.

OPEC maintained its previous forecasts for demand and non-OPEC supply, affirming that demand growth will continue.

This came after data released yesterday by the US Energy Information Administration (EIA) showed crude inventories in the US rising by 3.9 million barrels last week, compared with expectations of a 1 million-barrel decline.