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WTI, Brent crude oil falls after Chinese press conference | Real Time Headlines

S&P Global: China driving oil market in 'different ways' this year

U.S. crude futures fell more than 2% on Monday after OPEC cut its 2024 demand forecast for the third consecutive time.

OPEC now expects demand to increase by 1.9 million barrels per day in 2024, down from its previous forecast of 2 million barrels per day. Report released on Monday. The group expects demand to increase by 1.6 million barrels per day in 2025, compared with 1.7 million barrels per day previously.

Here are Monday’s energy closing prices:

  • West Texas Intermediate Oil November contract: US$73.83 per barrel, down US$1.73, or 2.29%. U.S. crude has gained about 3% so far this year.
  • Brent December contract: $77.46 per barrel, down $1.58, or 2%. The global benchmark has gained nearly 1% so far this year.
  • RBOB gasoline November contract: $2.1086 per gallon, down 2%. Gasoline has changed little so far this year.
  • natural gas November contract: $2.494/thousand cubic feet, down 5.24%. Natural gas prices have fallen nearly 1% so far this year.

China’s finance minister also disappointed markets at a weekend press conference. Traders have been counting on stronger stimulus measures from China to boost the world’s second-largest economy. Weak demand from China, the world’s largest crude oil importer, has weighed on the market for months.

“China’s monetary stimulus measures have failed to stimulate, and the Treasury Department’s weekend pledge to increase borrowing was too cliche and lacked reassurance and convincing,” Tamas Varga, an analyst at oil broker PVM, told clients in a note. details.

At the same time, the market continues to pay attention to the situation in the Middle East, and Israel is expected to carry out retaliatory strikes against Iran. U.S. officials told NBC News Israel narrows targets It planned an attack. Officials told NBC that these included military targets and energy infrastructure.

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