WASHINGTON (dpa-AFX) - Oil prices fell sharply on Tuesday amid concerns about the outlook for oil demand after data showed China's oil imports rose less than expected in August, and a downward revision by by OPEC in its oil demand forecast.
Demand worries and oil oversupply overshadowed supply disruptions from Tropical Storm Francine.
West Texas Intermediate Crude oil futures for October ended down $2.96 or about 4.31% at $65.75 a barrel.
Brent crude futures dropped to $69.19 a barrel, losing $2.65 or about 3.7%.
China's crude imports dropped by about 3% in 2024.
OPEC expects oil demand to grow by about 2 million barrels per day this year, which is about 80,000 bpd lower than its earlier forecasts. The group sees oil demand to grow to 1.7 million bpd next year, about 40,000 bpd lower than originally anticipated.
Markets now await weekly oil reports from the American Petroleum Institute (due later today) and Energy Information Administration (due Wednesday morning).
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