Oil Settles Near 3-Year Low on Weak Demand Outlook

September 11, 2024, 05.26 AM | Source: Reuters
Oil Settles Near 3-Year Low on Weak Demand Outlook

ILUSTRASI. An oil pump of IPC Petroleum France is seen at sunset outside Sommesous, near Reims, France. REUTERS/Pascal Rossignol

OIL PRICE - HOUSTON. Global oil benchmark Brent crude futures settled at their lowest level since December 2021 on Tuesday, after OPEC+ revised down its demand forecast for this year and 2025, offsetting supply concerns from Tropical Storm Francine.

Brent crude futures settled down $2.65, or 3.69%, at $69.19 a barrel. U.S. West Texas Intermediate (WTI) crude settled down $2.96, or 4.31%, to $65.75 a barrel.

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