Brent crude oil prices shot below US$70 a barrel for the first time since December 2021 this morning.
The dip follows a lower demand forecast from OPEC.
In its September report published on Tuesday, the cartel revised its forecast for global oil demand growth in 2024 downward to around two million barrels per day (mb/d), representing an adjustment of 80,000 barrels per day (tb/d).
Looking ahead to 2025, global oil demand growth has also been revised down by 40 tb/d, now standing at 1.7 mb/d.
Concerns over Chinese demand continue to weigh on demand forecasts.
China’s latest economic data shows a widening trade surplus due to a decline in domestic demand for foreign-made goods and services.