WTI Crude Oil Falls to a Three-Year Low With the Focus on Demand as China's Economy Slows
West Texas Intermediate (WTI) crude oil fell to the lowest in more than three years on Tuesday as the market again focused on demand concerns as China's economy weakens, while two forecasting agencies cut their 2024 demand forecasts, even as Tropical Storm Francine forces the closure of some Gulf of Mexico platforms, cutting into supply.
WTI crude oil for October delivery closed down US$2.96 to settle at US$65.75 per barrel, the lowest since August, 2021. November Brent crude, the global benchmark, was last seen down US$2.85 to US$68.99.
Oil moved higher on Monday following five losing sessions that pushed prices down by 11%. However the release of China's August economic data, showing producer-price disinflation as its economy slows, countered any lingering optimism.
Source: MT Newswires