The international oil benchmark, Brent Crude, fell below $70 per barrel on Tuesday for the first time since the end of 2021, amid growing concerns about slowing global economic growth.
Brent Crude dropped by more than three percent, falling below the $70 per barrel mark, while the main US contract, West Texas Intermediate (WTI), also experienced a significant decline, closing down more than four percent.
Analyst Tamas Varga of PVM Oil Associates noted that the OPEC oil cartel’s revised demand estimates contributed to the fall, although the revisions were minimal and not the primary factor.
Swissquote analyst Ipek Ozkardeskaya commented that even mitigating factors, such as impending interest rate cuts and OPEC+ refraining from production increases, were insufficient to halt the downward trend.
