International crude oil prices plummet 5%...Gasoline demand slows due to high crude oil prices

International crude oil prices have plummeted by more than 5% for the first time in a long time, returning to the prices from a month ago. That's because oil prices have soared by more than $90, and high prices are slowing demand.
On the 4th (local time), according to Market Point, Market Watch, etc., the New York Mercantile Exchange announced on the same day that the amount for November delivery was
Stock Texas Intermediate (WTI) futures prices closed at $84.22 per barrel, down $5.01 (5.6%) from the previous trading day. On the 27th of last month, 1 barrel =
The stock has fallen more than $9 since hitting a 13-month high of $93.68. Brent crude oil futures for November delivery on the London ICE Futures Exchange also fell by 5% compared to the previous business day's closing price.
It closed at $85.81 per barrel, down $.11 (5.6%). Crude oil prices, which had been soaring, plummeted due to news of a slowdown in demand. U.S. gasoline inventory
The good news is that the number has increased. According to the U.S. Energy Information Administration (EIA) and Dow Jones, crude oil inventories for the week ending on the 29th were 414.06 billion barrels, down 2.224 million barrels from the previous week.
The total was 3,000 barrels. Gasoline inventories increased by 6,481,000 barrels to 226,984,000 barrels, while diesel and heating oil inventories decreased by 1,269,000 barrels to 101,877,000 barrels.
It was 95,000 barrels. This shows Americans are using less gasoline, and demand is slowing due to high oil prices.
``Gasoline prices have skyrocketed over the past three months, which may have been a factor in the weak demand,'' said JPMorgan analyst Prateek Qiddia.
"Average U.S. gasoline consumption at the end of last month was 8.3 million barrels a day, 1.1 million barrels less than at the end of June, when gasoline prices were at their lowest."
There was also news that US energy companies will start investing in facilities and increase crude oil production.
EIA said in its report that ``With OPEC oil producers maintaining production cuts, the United States will become the main driver of increased global crude oil production.''
``This will support the sustained increase in production by exploration and mining companies.''