Oil prices set for biggest weekly loss in over a month on demand worries
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Oil futures are set for a weekly drop of over 6% due to concerns about demand from China's slowing economy and easing supply risks from the Middle East conflict; Brent crude futures fell 33 cents to $74.12 a barrel, while U.S. West Texas Intermediate crude dropped 26 cents to $70.41 a barrel; OPEC and the International Energy Agency cut forecasts for global oil demand in 2024 and 2025; China's economy grew at its slowest pace since early 2023 in Q3; U.S. retail sales increased slightly more than expected in September; market participants are monitoring potential demand recovery in China following stimulus measures; tensions in the Middle East remain a concern, particularly with Hezbollah's escalation against Israel.
#Oil #Economy #China #BrentCrude #Wti #Opec #MiddleEast #RetailSales #Demand #Forecast
https://www.nst.com.my/business/economy/2024/10/1121956/oil-prices-set-biggest-weekly-loss-over-month-demand-worries
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