Crude oil stops 5-day rise

WTI crude oil futures fell below $80 per barrel on Tuesday, ending a 5-day continuous increase.

Traders considered the possibility of surpluses amid growing tension in the Middle East.

The International Energy Agency's monthly report suggests that the decline in inventories will ease in the fourth quarter, and OPEC has lowered demand forecasts for this year and next.

OPEC lowered its 2023 demand growth forecast by 0.13 million barrels per day and lowered its 2025 increase forecast to 1.78 million barrels per day due to weak demand in China.

On Monday, WTI crude oil surged more than 4% as the Iran-Israel dispute threatens to disrupt Middle Eastern oil production and transportation, particularly through the Strait of Hormuz, which is a key challenge in global crude oil transportation.