Global crude oil prices have dropped by approximately USD 3 per barrel today.

Analysts attribute the decline to increased global supply and concerns about demand growth ahead of key inflation data and the upcoming Federal Reserve meeting later this week. Brent crude futures fell USD 2.95, or 3.9%, to USD 71.84 per barrel, marking the lowest level since December 2021. West Texas Intermediate crude dropped USD 3.05, or 4.4%, to USD 67.12 per barrel.

Goldman Sachs recently cut its oil price forecasts, citing higher-than-expected supply increases through the end of 2024. The bank's December crude oil price forecasts are now USD 86 per barrel for Brent, down from USD 95, and USD 81 per barrel for WTI, down from USD 89.

Source:

Reuters