The price of December futures for Brent on the London ICE exchange decreased by 4.00% to $74.36 per barrel.
Oil prices fell by 4% due to reduced risks for the supply of “black gold” on world markets. This was confirmed by the trading results on Tuesday, October 15.
Thus, the price of December futures for Brent on the London ICE exchange fell to $74.36 per barrel, which is $3.10 (4.00%) lower than the closing of the previous trade. On Monday, these contracts were down $1.58 (2%) at $77.46 per barrel.
WTI oil futures for November in electronic trading on the New York Mercantile Exchange (NYMEX) fell $3.02 (4.09%) to $70.81 a barrel. At the end of the last session, the futures price fell by $1.73 (2.3%) to $73.83 per barrel.
As you know, on Monday the drop in quotes was caused by the news from China. Over the weekend, China’s Finance Minister Lan Fo’an announced a package of additional fiscal policy measures to support economic growth, including raising the debt ceiling related to wide scale. However, the authorities did not release details of the economic stimulus plan.
Meanwhile, on Tuesday, the oil market was weighed down by a Washington Post report that Israel is ready to strike Iran’s military targets, not oil or nuclear. The publication, citing informed sources, reported that the corresponding message was conveyed to the White House by Israeli Prime Minister Benjamin Netanyahu.
In this regard, Reuters reported that OPEC on Monday worsened its forecast for global oil demand growth in 2024, with most of the decline coming from China. Demand in China this year will increase by 580 thousand barrels per day compared to the initial estimate of 650 thousand barrels per day, the organization expects.
OPEC also cut its forecast for global oil demand growth next year to 1.64 million barrels per day from 1.74 million barrels per day.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.