Prices saw a significant decline in early Asian trading on Tuesday, with futures falling $2.11 to $75.35 a barrel and U.S. West Texas Intermediate (WTI) futures losing $2.11 to $75.35 a barrel. .07 dollars to 73.76 dollars per barrel. This drop represents a decrease of 2.7% and 2.8% respectively for each reference.
This price drop comes after the Organization of the Petroleum Exporting Countries (OPEC) revised its forecasts, signaling a reduction in global oil demand growth for the years 2024 and 2025. Reinforcing this bearish sentiment, reports have reports Israel’s desire to target Iranian military installations, while avoiding nuclear or oil sites.
Israeli Prime Minister Benjamin Netanyahu communicated this position to the United States, indicating a strategic direction that could potentially reduce the risk of direct disruptions to the region’s oil supplies.
The two oil benchmarks had already closed down around 2% on Monday, and the latest developments contributed to the continuation of this downward trend. OPEC’s revised demand outlook and Israel’s reported military intentions are key factors influencing current market dynamics.
Reuters contributed to this article.
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