Brent oil falls below $70, lowest level since December 2021

On Tuesday, Brent crude futures fell below USD 70 per barrel for the first time since December 2021, following a downgrade in OPEC+’s oil demand forecasts for this year and the next.

By 3:08 PM GMT, Brent crude futures had dropped by USD 2.33, or 3.24 percent, to USD 69.51 per barrel.

Similarly, the US West Texas Intermediate (WTI) futures fell by USD 2.50, or 3.64 percent, to USD 66.21 per barrel. Both benchmarks had risen by 1 percent at the close of trading on Monday.

In its monthly report released today, OPEC indicated that global oil demand is expected to increase by 2.03 million barrels per day in 2024, down from its previous estimate of 2.11 million barrels per day last month.

The organization also lowered its 2025 demand growth forecast to 1.74 million barrels per day, from 1.78 million.

The price declines come amid signs of weakening global demand and expectations of an oil supply surplus, which have exerted downward pressure on global markets.