Oil prices resumed their downward trend, hovering near 52-week lows amid weak demand.
Oil resumed its downward trend on Tuesday, tanking more than 3% after oil alliance OPEC lowered its demand growth forecast in 2024 and 2025., OPEC said it expects oil demand growth in 2024 to increase by about 2.0 million barrels per day, 80,000 barrels less than its prior estimate. The oil alliance also slightly lowered its 2025 growth forecast.
Despite the revision, the oil alliance's expectations are still higher than other industry estimates. Oil's downturn has helped precipitate a plummet in gas prices in the US as well, with at least one analyst predicting the national averageThe per-gallon price is displayed electronically above the grades of gasoline available from a pump at an Exxon station Wednesday, Sept. 4, 2024, in Littleton, Colo. On Monday, traders were assessing the possible impact of Tropical Storm Francine's trajectory toward Texas and Louisiana on oil and gas prices.
Crude has been hovering near its lowest level of 2024. In recent weeks, futures have erased all of their year-to-date gains. The Bachelor winner says show should cast for its lead after Jenn Tran’s ‘disastrous’ Bachelorette finale 2 Children Were Playing ‘Monsters’ Game in Relative’s Home. A Man Came Down and Sexually Assaulted ThemSt. John's finalizing deal to make Fordham athletic director Ed Kull its next AD, AP source says
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