Market Concerns Over Recession Lead To Sharp September Declines
Oil prices are slightly higher on a report that OPEC+ could delay increasing production. The U.S. benchmark hit a nine-month low of $69.19 earlier in the session after plunging more than 4% on Tuesday.
Commodities have declined in the third quarter, marked by hefty losses in oil and copper, as downbeat economic data from China and the U.S. fuel worries about a slowdown in demand.
Oil futures rose modestly Wednesday, stabilizing a day after weak U.S. manufacturing data triggered a widespread selloff.
Crude oil futures hit a new low as bearish sentiment grows. Weak demand from China and U.S. manufacturing concerns weigh heavily on oil prices.
Oil prices extended losses Wednesday to hit their lowest level of 2024.
Oil prices have plunged to their lowest level so far this year on news a dispute which has seen Libya's output axed could be coming to an end. Brent crude slipped to US$73.33 on Wednesday morning, marking a 5.2% drop over the past day, while West Texas Intermediate fell by 5.8% to US$69.84.
Natural Gas hovers near $2.16 pivot, while Oil tests $69.50 support amid weakening global demand and easing geopolitical tensions. Will prices hold steady?
Oil prices extended losses on the back of Libya's oil production coming back online and a persistent weak demand in China. Global benchmark Brent slipped 0.57% to $73.33 a barrel, while U.S. West Texas Intermediate futures fell 0.65% to trade at $69.88 per barrel.
Oil prices fell on Wednesday, extending the previous day's more than 4% plunge, on expectations the political dispute that has halted Libyan exports may be resolved and concerns over lower global demand growth.
Crude oil's breakdown from a major triangle pattern suggests a deeper decline ahead, potentially reaching 43.66, with key resistance levels at 72.24 and 72.71.
Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Tuesday.