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Commodity News Details
WTI Crude slippery after tanking more than 4% yesterday
09-Oct-2024 17:36
WTI Crude Oil ended a five-day winning streak on Tuesday and saw heavy losses after China signaled no additional big stimulus. The commodity lost 4.6% and fell further today. Oil currently trades at $73.18 per barrel, down 0.53% on the day amid choppy equities. Market is also tracking near term demand cues. In its October Short-Term Energy Outlook, the EIA reduced its Brent crude oil price forecast for 2025 to $78 per barrel, down $7 from last month's estimate. This adjustment reflects lower global oil demand growth, particularly from China and OECD countries. Demand is expected to grow by 900,000 bpd in 2024 and 1.3 million bpd in 2025, with most growth coming from non-OECD nations. Despite a recent price spike due to geopolitical tensions in the Middle East, the EIA forecasts weaker demand will keep prices lower through 2025.

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