Oil prices plummeted 4% due to weakening demand and decreased tension over Iran supply disruptions

From Investing.com: 2024-10-15 15:21:12

Oil prices dropped over 4% to a two-week low as demand outlook weakened and fears of an Israeli strike on Iranian nuclear and oil sites subsided. Brent futures fell $3.21 to $74.25 a barrel, while WTI futures declined $3.25 to $70.58 a barrel. Prices hit their lowest since October after dropping by $4 earlier. OPEC and IEA both reduced global oil demand growth forecasts, with China leading the downgrades. OPEC+ may alter production plans for later this year, as current prices are insufficient for budget requirements in many countries.



Read more at Investing.com: Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens By Reuters