Oil fell over 4% on easing concerns over supply disruptions in the Middle East
Oil prices slumped over 4% on Tuesday, 15 October 2024, reaching their lowest in nearly two weeks, as a report suggested that Israel would not target Iranian nuclear and oil facilities. This development calmed fears of potential disruptions to global supply, a key factor driving recent market volatility.
Oil prices slumped over 4% on Tuesday, 15 October 2024, reaching their lowest in nearly two weeks, as a report suggested that Israel would not target Iranian nuclear and oil facilities. This development calmed fears of potential disruptions to global supply, a key factor driving recent market volatility.
Brent crude decreased by $3.21 or 4.14% to close at $74.25/barrel.
WTI dropped by $3.25 or 4.4% to settle at $70.58/barrel.
The bearish sentiment was further exacerbated by OPEC's decision to once again cut its demand growth forecasts for 2024 and 2025. This marks the third consecutive month the cartel has revised its projections downward, signaling deeper concerns over the weakening global economy and diminishing energy consumption.
Nonetheless, the steep declines were moderated by developments in China, where the government is expected to announce more measures on 17 October aimed at stabilizing its troubled property sector.
Written by: Muhammad Hafiz