Al Arabiya net Oil prices fell 3% in early Asian trading on Tuesday after a media report said that… Israel willingness not to hit Iran‘s oil targets, which dismissed fears of a supply disruption, and after the Organization of the Petroleum Exporting Countries (OPEC) cutOPEC) His forecast for growth in global oil demand in 2024 and 2025.
Both benchmarks fell 3% in early trading on Tuesday, after falling 2% yesterday.
Brent crude futures fell $2.27 to $75.19 a barrel, while US West Texas Intermediate crude futures fell $2.22 to $71.60 a barrel by 01:27 GMT.
Oil prices fell around $4 this week, all but erasing their seven-session gains through Friday as investors worried about supply risks and Israel’s expected to respond to an Iranian missile attack.
The American newspaper The Washington Post reported that Israeli Prime Minister Benjamin Netanyahu told the United States that Israel is ready to strike Iran’s military targets and not nuclear or oil targets.
Yesterday, Monday, OPEC lowered its expectations for growth in global oil demand in 2024 as well as next year.
“This is the third consecutive monthly cut, indicating that previously optimistic forecasts will decline,” analysts at ANZ Research said in a note on Tuesday.
They said, “(Iraq) is still making no progress on the additional cuts it promised to compensate for overproduction. “
The decline in crude shipments to China, the world’s largest oil importer, in the first nine months of the year also weighed on prices, as data showed a decline in imports by around on 3% compared to last year.
China is behind most of the reduction in expectations for 2024, as OPEC lowered its expectations for Chinese demand growth to 580,000 barrels per day from 650,000 barrels per day.
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2024-10-15 06:42:00
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