Oil settles lower on weak demand outlook

Quick Summary:

Global oil benchmark Brent crude futures settled at their lowest level since December 2021 on Tuesday, after Opec+ revised down its demand forecast for this year and 2025, offsetting supply concerns from Tropical Storm Francine.

Brent crude futures settled down US$2.65, or 3.69%, at US$69.19 a barrel.

WTI crude futures fell more than 5% on Tuesday, hitting their lowest levels since May 2023.

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Category: EconomyBusiness

Markets: MalaysiaChinaMexico

Topics: OilSupply BrentCrude EnergyMarket Commodities OilPrices /Business/ GlobalDemand WTICrude OPEC TropicalStormFrancine

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-11 @ 06:11:00 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 663 words

Reading Time: 4 minutes read

Sentences: 33 lines

Sentence Length: 21 words per sentence (average)

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Copyright Owner: © The Star

News ID: 22453070

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