Due to the complete dominance of concerns over "oversupply," international oil prices fell across the board overnight.

International crude oil futures prices fell by more than 2% in the overnight market: the settlement price for WTI November crude oil futures fell by $1.73, a decrease of 2.29%, to $73.83 per barrel. Brent December crude oil futures closed down by $1.58, a decrease of 2%, at $77.46 per barrel. After the opening on the 15th, the oil price continued the downward trend from the early morning, with the latest report for WTI crude oil at $71.72 per barrel.

The main reason is that the Organization of the Petroleum Exporting Countries (OPEC) has lowered its expectations for global oil demand growth for this year and next for the third consecutive month. Additionally, it is reported that Israel will avoid striking Iran's energy and nuclear facilities, making oversupply the "main melody" of the market.

On Monday (October 14th) local time, OPEC released its monthly oil market report on its official website. The organization estimates that the global oil demand in 2024 will be 104.1 million barrels per day, compared to 104.2 million barrels per day last month, a reduction of 106,000 barrels. OPEC explained that this revision is "mainly due to the actual data received and slightly lower expectations in some regions."

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OPEC also revised down the global oil demand for 2025 from 106 million barrels per day to 105.8 million barrels per day in the report. This means that the growth rate from 2024 to 2025 has been adjusted from 1.7 million barrels per day to 1.6 million barrels per day, indicating that the organization is retreating from its previously strong bullish stance.

Sparta Capital analyst Peter Cardillo stated in a report that the decline in demand is worrying and suggests that oil prices will fall in the future.

Robbie Fraser, a global commodities analyst at Schneider Electric, said that although geopolitical risks have pushed oil prices above $70 per barrel, concerns about demand continue to limit further increases in oil prices.

Phil Flynn, a senior market analyst at the U.S. Price Futures Group, commented that oil traders had been preparing for an Israeli attack on Iran. Since this did not happen, oil prices have consequently corrected.