New York September 10 2024: Oil prices drop on a weaker demand outlook and global oil oversupply risks that continue to weigh on the market.
Brent crude futures were down US$ 2.33, or 3.24%, at $69.51 a barrel at 11:08 EDT. U.S. West Texas Intermediate crude lost US$ 2.50, or 3.64%, to US $66.21.
Both benchmarks had risen about 1% on Monday.
OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second consecutive downward revision.
The weaker outlook further underscores the challenge faced by OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia in balancing the market. Last week, OPEC+ delayed a plan to start pumping more oil after prices hit the lowest in 2024.
