Brent oil falls below $70 for first time in nearly 3 years

Brent oil declined by 4% on late Tuesday, falling below $70 per barrel for the first time since December 2021.

The International benchmark Brent crude traded at $68.95 per barrel at 6.57 p.m. local time (1557) GMT), down by 4% relative to the previous session’s close of $71.84.

US benchmark West Texas Intermediate (WTI) fell by 4.5% to $65.58 per barrel, the lowest level since May 2023, after closing at $68.71 in the prior session.

Data indicating a slowdown in economic activity in the US and China, the world’s top oil-consuming countries, fueled market players’ demand fears and contributed to the price falls.

Downward price movements were also influenced by OPEC’s revision to its global oil demand growth forecast for this year. The group lowered its forecast by 80,000 bpd from the previous month’s assessment. ​​​​​​​

• Brent oil
• US benchmark West Texas Intermediate