The fall of crude prices after hitting over $80 per barrel to below $70 is seen not perceived as based on fundamentals but the downturn is driven by sentiment.

Brent prices are averaging around $84 per barrel in November 2021, which is better than the levels seen in April 2020, when prices dropped to $20 per barrel.

Crude oil prices averaged about 1 percent higher on a week-over-week basis, as investors remained focused on the strength of the global oil supply and demand fundamentals ahead of winter.

Global oil balances look tighter due to supply outages and stronger demand, pulled up in part by substitution for increasingly higher natural gas.

Crude oil markets continue to hold with fundamentals and remain well supported as they await the OPEC+ ministerial meeting that will begin on Oct. 4.

Despite a volatile week, crude oil prices remained supported by a number of developments in both supply and demand.