Reported 29 days ago
Oil prices fell more than 3% on Tuesday, reaching their lowest levels since 2021, as OPEC downgraded its demand growth forecasts for 2024 and 2025, primarily due to economic struggles in China. West Texas Intermediate settled at $65.75 per barrel and Brent at $69.19, impacted by weak manufacturing and trucking activities. Analysts are now more pessimistic about crude prices, noting a continuing decline in gas prices across the US. Despite OPEC’s revised expectations, they remain higher than some industry estimates.
Source: YAHOO