Global oil consumption accelerated in October, supported by a sharp rebound in India’s refined product demand, according to new Joint Organizations Data Initiative (JODI) figures based on self-reported data from 48 countries. Worldwide oil demand climbed by 677,000 barrels per day (bpd) versus September and was up around 2.4 million bpd from a year earlier, signaling resilient underlying consumption even as China posted a 150,000 bpd decline in total product demand. The latest demand trends provide a counterweight to concerns over economic softness in parts of Asia and may influence expectations for supply policy from key producers, with implications for benchmarks such as Oil – Brent Crude and Oil – US Crude.
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Despite the firm demand backdrop, both major crude benchmarks have retreated over the past month. Oil – US Crude is down about 7.09% over the last 30 days, while Oil – Brent Crude has fallen roughly 7.16% in the same period, reflecting ongoing worries about global growth, supply discipline, and risk sentiment. From a short-term perspective, technical indicators currently point to a Sell signal for Oil – US Crude and a Sell signal for Oil – Brent Crude, suggesting near-term downside momentum remains in place despite stronger reported demand. Investors can explore more updates, prices, and analysis across global markets at Commodities.