Soft demand in China has weighed on the market for months.
Crude oil futures fell nearly 2% on Monday after OPEC cut its demand forecast for 2024 for the third time in a row.
OPEC now sees demand growing by 1.9 million barrels per day in 2024, down from 2 million bpd in its previous forecast, according to a report released Monday. The group expects demand to grow by 1.6 million bpd in 2025, compared with 1.7 million bpd previously.November contract: $74.08 per barrel, down $1.48, or 1.96%. Year to date, U.S. crude oil has gained more than 3%.China's finance minister also disappointed the market during a weekend press briefing.
The market, meanwhile, continues to monitor the Middle East in anticipation of a retaliatory strike by Israel against Iran. U.S. officials told NBC News thatFeeling out of the loop? We'll catch you up on the Chicago news you need to know.
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