Supply and demand imbalance leads to oil price decline: Oil prices have been consistently falling over the past four weeks due to concerns over supply and a significant decrease in demand.

Sharp increase in inventories: The latest EIA data for the week ending November 10th indicates a substantial increase in crude oil inventories. Combined with profit-taking by investors with short positions, this contributed to the decline in oil prices.

Prices hit a low point: WTI crude oil prices dropped to their lowest level since July 7th, reaching $72.35 last week.

Impact of political and macroeconomic factors: Considering the ongoing political uncertainties and macroeconomic issues, oil prices experienced a significant rebound last Friday, potentially continuing this trend into the current week.

Deteriorating economic data affects oil prices: The continuous deterioration of economic data points towards a downward trend in oil prices. The accumulation of petroleum inventories has exacerbated the selling pressure.

Global economic slowdown: The ongoing global economic slowdown continues to impact economic activities, causing a decline in oil prices, even as relatively positive U.S. data is affected.

Non-OPEC supply growth: The growth in non-OPEC supply is sufficient to offset strong demand, easing the tense situation in the oil market.

Oil market balance dependent on production cuts: Currently, maintaining a balance in the oil market relies on sustaining production cuts until 2024.

Supply disruptions and oil price volatility: Any policy reversal by Saudi Arabia or supply disruptions in the Middle East could lead to a sudden increase in oil supply, potentially causing oil prices to fall below $70 per barrel. However, any supply interruptions could also result in oil prices exceeding $100 per barrel.