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Oil falls, OPEC cuts growth forecast
Economic 10/16/2024
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Oil prices fell 3 percent in early Asian trading on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2024 and 2025.
Both benchmarks fell 3 percent in early trading on Tuesday after falling 2 percent from the day before.
Brent crude futures fell $2.27 to $75.19 a barrel, while US West Texas Intermediate (WTI) crude futures fell $2.22 to $71.60 a barrel by 1:27 GMT.
Prices have fallen about $4 this week, almost erasing the cumulative gains they made in seven sessions through Friday when investors worried about supply risks as Israel planned to respond to an Iranian missile attack.
"This is the third monthly cut in a row, suggesting that its previously optimistic outlook will be further eroded," analysts at ANZ Research said in a note on Tuesday.
“(Iraq) is still not making any progress on the additional cuts it promised to compensate for overproduction,” they added.
Lower shipments of crude to China, the world’s biggest oil importer, in the first nine months of the year also weighed on prices, with data showing imports down about 3 percent from a year ago.
China is behind the bulk of the downgrade for 2024, with OPEC slashing its forecast for Chinese demand growth to 580,000 barrels per day (bpd) from 650,000 bpd.
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