Crude Oil Update
WTI crude has fallen below $69 per barrel, marking a decline of over 6%, the largest weekly drop since the last week of September. Weakness in oil intensified further today by slowing economic growth in China and a reduction in supply disruptions in the Middle East. China's GDP grew by 4.6% in the September quarter compared to a year earlier, representing its slowest growth since the first quarter of 2023.
The downward pressure on oil prices this week has also been fueled by lowered demand growth projections from OPEC and the IEA, a decrease in China's refinery output, and the resumption of production and exports from Libya.
WTI crude has fallen below $69 per barrel, marking a decline of over 6%, the largest weekly drop since the last week of September. Weakness in oil intensified further today by slowing economic growth in China and a reduction in supply disruptions in the Middle East. China's GDP grew by 4.6% in the September quarter compared to a year earlier, representing its slowest growth since the first quarter of 2023.
The downward pressure on oil prices this week has also been fueled by lowered demand growth projections from OPEC and the IEA, a decrease in China's refinery output, and the resumption of production and exports from Libya.
