"Surging Supply Pushes Oil Prices to 3-Month Low"

Oil prices continue to decline, reaching their lowest level in over three months, due to worries about weakening demand in the United States and China. The U.S. Energy Information Administration (EIA) revised its forecast, predicting a decrease in petroleum consumption by 300,000 barrels per day this year. Additionally, U.S. crude oil stocks rose by nearly 12 million barrels last week. However, China's crude oil imports showed strong growth in October, and OPEC expects global economic growth to drive fuel demand despite challenges such as high inflation and interest rates.