Oil hits lowest close in 3 months; Brent below $80

Oil drilling rigs

Oil prices closed lower today, Nov. 8, as markets evaluated the American Petroleum Institute's expectations for an increase in oil inventories by 11.9 million barrels in the week ended Nov. 3, which reinforced fears of weak demand.

Brent crude futures for January delivery fell 2.55%, or $2.07, to $79.54 per barrel. WTI crude for December delivery also dropped 2.65%, or $2.04, to record $75.33 per barrel.

Both benchmarks recorded the lowest closing since July 20.

In the Euro zone, data showed retail sales fell 0.3% on a monthly basis in September, raising concerns about weak consumer demand and the possibility of a recession.

Barclays Bank lowered its forecast for the price of Brent crude in 2024 by $4 to $93 per barrel, citing the strength of crude supplies in the US and the rise in Venezuelan production after the easing of US sanctions, Reuters reported.