Crude oil prices fall lowest since Dec 2021 in global market

For the first time since December 2021, the global benchmark Brent oil prices fell below $70 per barrel, ARY News reported on Tuesday.

The Organization of the Petroleum Exporting Countries (OPEC) have lowered its demand estimate for the second time in two months.

Brent crude dropped to $69.08 per barrel, marking a significant decline since December 2021, while U.S. crude oil traded down to $65.82 per barrel, dipping below May 2023 levels.

Here are Tuesday’s energy prices:

West Texas Intermediate

October contract: $66.34 per barrel, down $2.38, or 3.5%. Year to date, U.S. crude oil has declined 7.4%.

Brent

November contract: $69.70 per barrel, down $2.14, or 3%. Year to date, the global benchmark has pulled back 9.6%.

RBOB Gasoline

October contract: $1.87 per gallon, down 4 cents, or 2.1%. Year to date, gasoline has fallen 10.7%.

Natural Gas

October contract: $2.22 per thousand cubic feet, up 5 cents, or 2.4%. Year to date, gas has shed 11%.

OPEC now expects demand to grow by about 2 million barrels per day with in 3 months, some 80,000 bpd slower than its previous forecast.

The group of oil producers sees demand growth of 1.7 million bpd in 2025, some 40,000 bpd lower than originally anticipated.