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1. • Weakness in demand from China

     • Crude oil futures slipped to multi-month lows Tuesday as OPEC cut its 2024 forecast, citing weakness in demand from China. Brent crude futures fell more than 4% Tuesday, slipping below $69/barrel for the first time since May 2023. U.S. West Texas Intermediate (WTI) futures also skidded, trading around $65/barrel, levels not seen since March 2023.
     www.investopedia.com/crude-oil-prices-fall-opec-cuts-demand-outlook-8709624

     Crude Oil Prices Fall to Lowest Level of 2024 as OPEC Cuts ...

2. People also ask

   Why did oil prices fall?

   • REUTERS/Benoit Tessier Purchase Licensing Rights NEW YORK, July 22 (Reuters) - Oil prices fell for a second consecutive session on Monday to their lowest level in over a month, as investors looked past U.S. President Joe Biden's decision to end his reelection bid and focused on rising stockpiles and signs of weak demand.

   Oil drops as investors look past Biden exit, focus on weak fundamentals

   www.reuters.com/markets/commodities/oil-prices-rise-investors-look-signs-us-rate-cuts-begin-2024-07-22/

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   Why did global oil prices drop 5% since July 4?

   • Global oil prices fell for the third straight day, extending a drop of almost 5% since July 4. Growing concerns about weakening demand, particularly from China, have fed the decline. Nonetheless, the U.S. raised its second-half 2024 oil price forecast last week.

   Why Oil Prices Have Been Falling - Investopedia

   www.investopedia.com/why-oil-prices-falling-8678586

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   Why did US crude oil futures drop a year?

   • U.S. and international crude oil futures skidded to their lowest levels in more than a year after the influential oil producing group cut its 2024 outlook, citing weakness in Chinese demand.

   Crude Oil Prices Fall to Lowest Level of 2024 as OPEC ... - Investopedia

   www.investopedia.com/crude-oil-prices-fall-opec-cuts-demand-outlook-8709624

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   Will global oil demand decline in the first half of 2024?

   • Reported monthly data covering 80% of global oil demand during the first half of 2024 confirm the steep decline in the rate of growth in oil consumption, which we have been projecting since our first forecast for 2024 was published in June 2023.

   Oil Market Report - September 2024 – Analysis - IEA

   www.iea.org/reports/oil-market-report-september-2024

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   Will a slowdown in demand stave off a global oil supply deficit?

   • A slowdown in demand may stave off a global oil supply deficit the International Energy Agency predicted earlier this year. Nonetheless, plenty of uncertainty remains. Just last week, the U.S. Energy Information Agency predicted Brent crude would average $87.97 per barrel in the third quarter and $89.64 in the fourth quarter.

   Why Oil Prices Have Been Falling - Investopedia

   www.investopedia.com/why-oil-prices-falling-8678586

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   Is oil demand slowing?

   • The oil producers expect the demand to moderate further next year, growing at 1.7 million B/D. And while oil demand seems to be slowing, OPEC said these levels were still far greater than the pre-pandemic historical average of 1.4 million B/D.

   Crude Oil Prices Fall to Lowest Level of 2024 as OPEC ... - Investopedia

   www.investopedia.com/crude-oil-prices-fall-opec-cuts-demand-outlook-8709624

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3. www.forbes.com › sites › gauravsharmaFree Falling: Why Oil Is Down By Nearly 10% In 2024 And Sliding

   www.forbes.com › sites › gauravsharma

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   Aug 21, 2024 · Prevailing intraday prices implied a 12-month slump of nearly 10% for Brent and a 1% decline since January, indicative of a benchmark that has barely moved from the level it started the year...

4. oilprice.com › Energy › Energy-GeneralWhy Oil Prices Fell $10 in a Month | OilPrice.com

   oilprice.com › Energy › Energy-General

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   Aug 12, 2024 · The price of WTI fell by $10 over the past month, collapsing from $85 to $75. The primary reason for prices falling so dramatically was the growing concern over weak demand.

5. www.investopedia.com › crude-oil-prices-fall-opecCrude Oil Prices Fall to Lowest Level of 2024 as OPEC Cuts ...

   www.investopedia.com › crude-oil-prices-fall-opec

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   Sep 10, 2024 · Crude oil futures slipped to multi-month lows Tuesday as OPEC cut its 2024 forecast, citing weakness in demand from China. Brent crude futures fell more than 4% Tuesday, slipping below...

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7. www.hl.co.uk › news › why-is-the-oil-price-fallingWhy is the oil price falling and what’s next for oil in 2024?

   www.hl.co.uk › news › why-is-the-oil-price-falling

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   Want to know why the price of oil is falling, what it means for stock markets and what could be next for the oil price in 2024? Find out now.

8. www.iea.org › reports › oil-market-report-september-2024Oil Market Report - September 2024 – Analysis - IEA

   www.iea.org › reports › oil-market-report-september-2024

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   Sep 12, 2024 · Oil prices spiralled lower in August and early September, with ICE Brent futures plunging by about $10/bbl as floundering Chinese demand and economic headwinds heightened oversupply fears. Investor selling added to the bearish sentiment, with net speculative exchange holdings slumping to multi-year lows.

9. www.reuters.com › markets › commoditiesOil drops as investors look past Biden exit, focus on weak ...

   www.reuters.com › markets › commodities

   Jul 22, 2024 · NEW YORK, July 22 (Reuters) - Oil prices fell for a second consecutive session on Monday to their lowest level in over a month, as investors looked past U.S. President Joe Biden's decision to...

10. www.investopedia.com › why-oil-prices-falling-8678586Why Oil Prices Have Been Falling - Investopedia

    www.investopedia.com › why-oil-prices-falling-8678586

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    Jul 16, 2024 · Overall, oil demand and prices forecasts have declined in recent months. A slowdown in demand may stave off a global oil supply deficit the International Energy Agency predicted earlier...