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Supply and demand concerns continue to weigh down, and international oil prices maintain their falling trend.
Jin10 data reported on October 20, international crude oil prices continue to decline after falling for the third consecutive week. Analyst Razan Hilal stated: “Weak growth expectations and the ongoing energy transition in countries such as the EU are suppressing the overall outlook for crude oil, and tariff tensions are making matters worse. Under the combined effects of oversupply, weak demand, and tariff concerns, crude oil prices are once again heading towards annual lows.” Both WTI and Brent crude fell over 1% during the day, currently reported at $56.22 per barrel and $60.24 per barrel, respectively.