Oil prices fell during Tuesday's trading, after OPEC cut its forecast for global oil demand growth for this year and next, and pointed to the impact of the shift towards electric vehicles on demand in China.
Brent crude futures prices for November delivery fell 3.3% to $69.47 a barrel, their lowest since the end of 2021, while prices of U.S. crude Nymex for October delivery fell 3.75% to $66.15 per barrel.
OPEC currently expects global oil demand to rise by 2.03 million bpd this year, instead of last month's previous estimates of 2.11 million bpd, and has also cut its estimates of global demand growth for next year to 1.74 million bpd from 1.78 million bpd.
Latest oil Prices
WTI CRUDE $66.31 -3.49%
BRENT CRUDE $69.66 -3.03%
MURBAN CRUDE $70.07 -2.86%
NATURAL GAS $2.242 +3.32%
Follow the latest news on Google News
