Oil near 3-year low on weak demand outlook

Global oil benchmark Brent crude futures fell below $70 a barrel on Tuesday for the first time since December 2021, after Opec+ revised down its demand forecast for this year and 2025. Brent crude futures were down $2.62, or 3.65 per cent, at $69.22 a barrel at 1:14 p.m. EDT (1715 GMT). US West Texas Interm­ediate (WTI) crude lost $2.90, or 4.22 per cent, to $65.81. Both benchmarks dropped by more than $3 during the session, after each rose by about 1 per cent on Monday. WTI crude futures fell more than 5 per cent on Tuesday, hitting their lowest levels since May 2023. On Tuesday, the Organ­ization of the Petroleum Exporting Countries (Opec) in a monthly report said world oil demand would rise by 2.03 million barrels per day (bpd) in 2024, down from last month’s forecast for growth of 2.11 million bpd.