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On Tuesday, crude oil prices plunged to their lowest levels since December 2021, with both major benchmarks falling nearly 4%. This sharp decline came in the wake of OPEC+ downgrading its demand forecast for 2024 and 2025, a move that overshadowed supply concerns arising from Tropical Storm Francine, as reported by Reuters.
Key market movements:
West Texas Intermediate (WTI) crude: Closed at $65.75 per barrel on the New York Mercantile Exchange, dropping $2.96 or 4.31% At one point, WTI futures fell over 5%, touching their lowest levels since May 2023
Brent crude futures: Settled at $69.19 per barrel on ICE Futures Europe, and fell $2.65 or 3.69%. Earlier in the trading session, Brent declined by more than $3 per barrel.
This significant price drop underscores the market's sensitivity to demand projections, particularly those from influential bodies like OPEC+. The revised forecast appears to have outweighed immediate supply disruption concerns, highlighting the complex interplay of factors influencing global oil prices.
Analysts will closely monitor how these price movements might impact production decisions and investment in the oil sector in the coming weeks.
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