Global oil prices have dropped to their lowest levels since December 2021. On Tuesday, Brent crude oil fell below $70 per barrel, reaching $69.08. U.S. crude oil also decreased to $65.82 per barrel, falling below May 2023 levels.
The decline comes as the Organization of the Petroleum Exporting Countries (OPEC) has revised its demand forecast downwards for the second time in two months. OPEC now expects global oil demand to grow by about 2 million barrels per day within the next three months, which is 80,000 barrels per day lower than previously forecasted. For 2025, OPEC has also lowered its demand growth estimate to 1.7 million barrels per day, a reduction of 40,000 barrels per day.
Here are the latest energy prices:
- West Texas Intermediate (WTI): October contract at $66.34 per barrel, down $2.38, or 3.5%. Year-to-date decline: 7.4%.
- Brent Crude: November contract at $69.70 per barrel, down $2.14, or 3%. Year-to-date decline: 9.6%.
- RBOB Gasoline: October contract at $1.87 per gallon, down 4 cents, or 2.1%. Year-to-date decline: 10.7%.
- Natural Gas: October contract at $2.22 per thousand cubic feet, up 5 cents, or 2.4%. Year-to-date decline: 11%.