Oil Tanks 3% to Lowest Level Since 2021 Due to Weak Demand
Tuesday, 10 September 2024, 08:13
Understanding the Oil Market’s Downturn
Oil has resumed its downward trend, dropping over 3% on Tuesday. This decline comes after the OPEC alliance revised its demand growth forecast for 2024 and 2025 lower, leading to significant market implications.
Factors Contributing to the Decline
- Weak Demand: OPEC's lowered forecasts indicate waning consumption.
- Market Response: Investors are reacting to the forecast, leading to sharp declines in prices.
- West Texas Intermediate: The crude benchmark has experienced one of its lowest points since 2021.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.