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Oil Prices Slide on Demand Concerns
Oil prices fell sharply in Asian trading on Tuesday, continuing recent declines as worries over weakening global demand weighed heavily on the market. The drop was also influenced by reports that Israel would not target Iranian oil facilities, reducing fears of an escalation in Middle East tensions.
Brent crude futures fell by 3% to $75.16 per barrel, while West Texas Intermediate (WTI) crude dropped to $71.03 per barrel, both extending losses from earlier in the week.
China's Declining Demand Adds Pressure
China's fifth consecutive monthly decline in oil imports has sparked concerns about slowing demand. Traders were underwhelmed by recent economic support measures announced by China's Ministry of Finance, which lacked details on the timing and scale of efforts to boost consumption. China's weak economic conditions have further diminished its appetite for crude, pressuring oil prices.
Additionally, the Organization of Petroleum Exporting Countries (OPEC) downgraded its global oil demand forecasts for the third month in a row. OPEC now expects a growth of 1.93 million barrels per day (bpd) in 2024, down from earlier estimates of 2.03 million bpd. The organization cited China's economic slowdown as a key factor in this revision.
Middle East Tensions Ease
Further weighing on oil prices, a report on Monday indicated that Israel will not attack Iran’s oil or nuclear facilities. This news has reduced the risk premium attached to oil prices, which had surged following Iran’s missile strike on Israel earlier in October. Traders now anticipate a less severe escalation in the region's conflict, providing some relief to the oil market.
