“`html
On Tuesday, January WTI crude oil (CLF26) closed down by $0.89, or 1.51%, and January RBOB gasoline (RBF26) fell by $0.0235, or 1.29%, marking a five-week low for both commodities. This decline was driven by expectations of increased global oil supplies due to a potential end to the Russia-Ukraine war, alongside weaker-than-expected U.S. economic data.
Reports indicated that Ukraine has agreed to a revised peace deal with Russia, although confirmation from Russia is still pending. U.S. retail sales rose by only 0.2% month-over-month in September, below the expected 0.4%, and the November consumer confidence index fell to a seven-month low of 88.7, suggesting weakened energy demand.
Vortexa noted that Russian oil product shipments fell to 1.7 million barrels per day (bpd) in early November, the lowest in over three years, contributing to a tightening of the oil market. The market is further supported by ongoing geopolitical risks and planned production adjustments by OPEC+, which raised expectations of a 500,000 bpd surplus in global oil markets for Q3 2023.
“`
