WTI crude oil futures in the U.S. experienced a significant decline, with prices dropping more than 8% over the week. Investors are assessing the impact of weakened international oil demand coupled with an uncertain Middle East geopolitical landscape. On Friday, the November delivery for West Texas Intermediate (WTI, Financial) crude futures fell by $1.45, or 2.05%, closing at $69.22 per barrel. This price is approaching previous lows recorded at the end of September.
This week's decline of 8.39% marks the largest weekly drop since early September when both the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) revised their global oil demand forecasts for 2024 and 2025 downwards.
Similarly, Brent crude futures for December delivery on the European Intercontinental Exchange decreased by $1.39, or 1.87%, to settle at $73.06 per barrel, accumulating a weekly decline of over 7%.
