Oil closes flat as investors assess supply-demand outlook

Oil drilling rigs

Oil prices erased their gains and closed flat today, Nov. 14, despite the sharp decline in dollar’s value and as with investors assessed supply and demand prospects.

Brent crude for January delivery closed at $82.47 per barrel, and WTI crude for December delivery also settled unchanged at $78.26 per barrel.

The dollar index, which measures its value against a basket of major currencies, fell by 1.50% to 104.06 points, at 22:57 pm Makkah time. Such a significant decline usually implies support for the prices of dollar-denominated goods.

In its monthly report issued today, the International Energy Agency said it expects the global oil market will return to surplus early next year, under pressure from slowing economic growth and the rapid rise gdsq.

On the other hand, the US Department of Energy said that it plans to purchase 1.2 million barrels of oil to add to the country's strategic reserve.