Price of Brent crude oil falls to $63.77 per barrel

Global oil prices fell on November 18 morning, as traders assessed market factors such as supply and demand in the oil market, Report informs referring to trading data.

The price of January Brent crude futures fell 0.67% from the previous close, to $63.77 per barrel, while January WTI futures fell 0.7% to $59.44.

According to the International Energy Agency (IEA), eight OPEC+ countries that have adopted additional restrictions reduced oil production in October by 360,000 barrels per day to 33.6 million barrels, but exceeded their target levels by 760,000 barrels per day.

In 2026, OPEC expects non-OPEC+ oil production to increase by 0.63 million barrels per day. According to the organization's forecast, the annual growth will be driven mainly by the United States, Brazil, Canada and Argentina.