On Thursday, Amman crude oil futures on the Dubai Mercantile Exchange (DME) fell about 80% over Dubai crude oil swaps this month, falling below $1 a barrel. The premium of Oman crude oil futures over Dubai swaps, an indicator of Asian crude oil consumption, has now fallen to a nearly seven-month low. Changes in global energy indicators are constantly warning of future demand concerns in the oil market.

The data showed that the oil market entered a downward phase in November as many crude oil-related indicators issued warning signals and caused crude oil futures prices to continue to fall. Among them, the spot spread between Brent and WTI crude oil has now fallen to a premium. Due to the recent abundance of energy stocks, crude oil prices are entering the market bearish pricing model.

Brent crude futures prices fell to their lowest level since January earlier this week as red flags increased. It fell for the third week in a row as of Friday, while the premium of Oman crude over Dubai swaps fell below $1 a barrel in April. Oil purchases from the Middle East have become more attractive as many energy buyers begin to refuse to buy Russian-supplied oil, pushing up the premium on crude oil prices in the region's market (which soared to $15 a barrel in March).

On the other hand, the spot premium of high-grade crude oil in the Persian Gulf is falling sharply. Energy traders in the region said that while spot crude oil traded about 7 million barrels in Asia in the middle of the month, it was not enough to boost overall market concerns.

In addition, Dubai monthly crude oil swaps turned to a premium on Friday, while the last positive spread in the region was in April 2021, and there will be bearish sentiment for crude oil between December and April next year, according to PVM Oil Associates.

Brent crude traded at $85.72 a barrel on Friday, its lowest level since January.