Source: OilPrice.com
“WTI crude futures fell 4.5% on Tuesday morning as hedge funds and money managers continued to sour on crude oil. … Not even a forming hurricane in the US Gulf of Mexico could halt the decline in oil prices, with ICE Brent dipping below $70 per barrel and marking the lowest level it has been since late 2021. Defying OPEC+’s postponement of output increases and the Libyan oil embargo, oil prices continue to edge lower on fears of oversupply and an ever-weakening Chinese outlook.” (09/10/24)