Brent crude fell as much as 5.3% on Tuesday, trading 4.9% lower after concerns about a potential Israeli attack on Iranian oil facilities eased. The International Energy Agency (IEA) also lowered its forecasts for global oil demand next year, citing weak Chinese market performance.
Oil prices fell sharply on Tuesday as fears that Israel would attack Iran ian facilities receded and new forecasts damped the outlook for Chinese demand. Brent crude, the international benchmark, fell as much as 5.3 per cent in early trading to $73.34 a barrel, before staging a partial recovery to trade 4.9 per cent lower. WTI, its US counterpart, dropped as much as 5.6 per cent. The declines meant crude prices have fallen by a fifth from their peak this year — above $90 a barrel in April.
The IEA said on Tuesday that oil demand in China would increase by just 150,000 barrels a day in 2024, after consumption dropped for the fourth consecutive month in August, by 500,000 b/d. “Chinese oil demand continues to undershoot expectations and is the principal drag on overall growth,” the IEA said. It trimmed its overall forecast for oil demand growth this year by 40,000 b/d to 860,000 b/d.
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