October 15, 2024
New Delhi, India
Oil Prices
Oil prices fell sharply in Asian trade on Tuesday, extending recent losses due to growing concerns over a potential demand slowdown. Reports that Israel will refrain from attacking Iranian oil facilities further weighed on crude prices.
Key Highlights:
- Price Drop: Brent futures fell 3.5% to $74.59 per barrel, and WTI crude futures dropped 3.55% to $71.19.
- China’s Oil Imports: China’s fifth straight monthly decline in oil imports has triggered fears of weak demand, despite government fiscal measures.
- OPEC Forecast: OPEC reduced its global oil demand outlook for the third consecutive month, citing slower growth of 1.93 million barrels per day in 2024, down from 2.03 million bpd.
Middle East Impact:
Crude prices were further pressured by reports suggesting Israel will not target Iranian oil facilities, easing fears of severe escalation in the Middle East conflict. This reduced the risk premium traders had attached to oil prices in recent weeks.
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