From Investing.com: 2024-09-04 03:58:00

Oil prices plummeted yesterday, dropping WTI below $70 per barrel, nearing this year’s low. Factors include US and China economic growth concerns, OPEC+ increasing oil production, and geopolitical tensions in the Middle East and Libya.

US and China economic slowdown worries weigh on oil prices as weak economic data from China and underperformance in the US index contribute to a bearish outlook for the oil market. Lower economic growth and labor market concerns may impact oil prices further.

OPEC+ plans to increase oil production by 180,000 barrels per day starting in October, despite some member countries exceeding production limits. Political conflicts in Libya have severely reduced oil production. This may lead to temporary disruptions with production gradually returning to normal levels.

WTI crude oil prices continue downward, eyeing new lows. Key support levels at $64-$67 per barrel may trigger a short-term rebound, but supply pressure remains high. Further decline to $60 per barrel is possible. This information is for informational purposes only and does not constitute investment advice.



Read more at Investing.com: Crude Oil on Course to New Annual Lows as Bears Target Early $60 Levels