COMMODITY
Crude oil futures end deeply in red on demand worries
Sep-11-2024

Crude oil futures ended deeply in red on Tuesday amid concerns about the outlook for oil demand after data showed China's oil imports rose less than expected in August, and a downward revision by OPEC in its oil demand forecast. China's crude imports dropped by about 3% in 2024. Meanwhile, OPEC expects oil demand to grow by about 2 million barrels per day this year, which is about 80,000 bpd lower than its earlier forecasts. The group sees oil demand to grow to 1.7 million bpd next year, about 40,000 bpd lower than originally anticipated.

Benchmark crude oil futures for October delivery dropped $2.96 or 4.31 percent to settle at $65.75 a barrel on the New York Mercantile Exchange. Brent crude for November delivery fell $2.65 or 3.7 percent to settle at $69.19 a barrel on London's Intercontinental Exchange.


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