Oil Tanks 4% to Lowest Level Since 2021 on Weak Demand
Tuesday, 10 September 2024, 08:13
Market Analysis: Oil Demand Weakness
Oil resumed its downward trend on Tuesday, tanking more than 3% as demand concerns grow. The latest forecast from OPEC indicating a lowered demand growth forecast for 2024 and 2025 has contributed significantly to this decline.
Impact of OPEC's Forecast
- West Texas Intermediate (CL=F) slid more than 4% on Tuesday, aligned with the weakening demand.
- Market analysts are closely monitoring the implications of OPEC's assessments on global oil supply.
Looking Ahead
As the oil market reacts to shifting demand trends, experts caution that sustained low prices may affect global economies heavily reliant on oil revenue.
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