Brent crude futures dropped to $69.51 a barrel, while U.S. West Texas Intermediate crude fell to $66.21. The decline came after OPEC+ adjusted its demand forecast downward for 2024 and 2025. The organization expects a lower increase in world oil demand, leading to concerns about oversupply. Additionally, the market was impacted by reports of a tropical storm approaching the US Gulf Coast, prompting companies like Exxon Mobil, Shell, and Chevron to evacuate staff and halt oil and gas operations in the region.
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Despite these production shutdowns, the overall sentiment remains bearish due to weakening global demand prospects. OPEC’s struggle to offset the US and Brazilian positions further adds to the market’s concerns.
