Crude oil prices declined at the start of European trading on Wednesday, November 12, after rising for three consecutive sessions. Markets are awaiting preliminary inventory figures and the US House of Representatives’ vote on a bill to refund government agencies until January 30, ending the longest government shutdown in history. Brent crude fell by about 0.75%, trading at $64.67 a barrel, while US crude (WTI) traded at $60.54 a barrel, down about 0.82%.

The International Energy Agency’s annual report, released Wednesday morning, indicated that global oil and gas demand could grow until 2050, compared to previous forecasts. Under current scenarios, the agency expects oil demand to reach 113 million barrels per day by mid-century, compared to 2024 estimates.

Markets are also awaiting the American Petroleum Institute’s inventory report, which was postponed due to the US holiday on Monday, as well as OPEC’s monthly report.