Crude Prices Decline on Global Oil Glut Fears

Group 1: Market Trends - Crude oil and gasoline prices continued to decline, with crude reaching a 1.5-week low and gasoline a 2-week low due to a stronger dollar and concerns over a global oil glut [2][3] - The crude crack spread fell to a 6-week low, discouraging refiners from purchasing crude oil for conversion into gasoline and distillates [3] Group 2: Supply and Demand Dynamics - Trafigura indicated that the global oil market is heading towards a "super glut" next year due to new supply outpacing sluggish energy demand [3] - Saudi Aramco cut the price of its Arab Light crude oil for Asian customers by 30 cents per barrel for January delivery, marking the lowest price since January 2021, reflecting weakened energy demand [4] Group 3: Geopolitical Factors - Geopolitical risks are providing some support to crude prices, with threats from Russian President Putin regarding attacks on ships aiding Ukraine and recent drone attacks on Russian tankers in the Black Sea [5] - Reduced crude exports from Russia are also supporting prices, with shipments falling to 1.7 million barrels per day in early November, the lowest in over three years, due to Ukrainian attacks on Russian refineries and new sanctions from the US and EU [6]