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Prices of Brent crude, the global benchmark, declined 4% to about $79.50 a barrel on Tuesday. Brent crude continued to trade below $80 early Wednesday, according to OilPrice.com.
Oil markets spiraled on the news, falling as much as 4% on Thursday. A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.
Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are pressuring prices.
The mere anticipation of production going materially higher could cause oil prices to "fall at least 10% if not closer to 20%" to the $70 or high-$60s per barrel level, said the analyst.
After oil fell more than 6 percent October 28 due to less fear of more trouble in the Middle East, WTI finished October at $70.76 and Brent ended the month at $74.26. Oil jumped the last day of the month due to new fears of actions by Iran and possible delays in increased output. [79]
October 3, 2024 at 4:11 PM ... Biden's comments pushed crude prices higher. US oil spiked 5.5% to $73.98 a barrel and Brent prices rose more than 5% to trade at $77.86. ... The report is expected ...
NEW YORK (AP) — Wall Street pulled back from its records on Tuesday after the price of crude oil tumbled and technology stocks faltered. The S&P 500 fell 0.8%, a day after setting an all-time ...
Stock indexes picked up on Tuesday as oil prices slid and traders braced for earnings and key inflation data.