Oil Prices Drop Over 3% After OPEC Cuts Demand Forecast. Wall Street Revises Price Targets as OPEC Lowers Growth Targets

Benzinga
Benzinga
  • 3 days ago
Oil prices fell over 3% on Tuesday, marking the lowest levels since December 2021. OPEC's monthly report indicates a reduced forecast for oil demand growth in 2024 and a slight decrease for 2025 compared to previous estimates. China’s housing crisis and shift towards natural gas, driven by a housing crisis, contributed to the downward revision of oil demand forecasts. Analysts have revised their price targets downward amid broader economic concerns in the US and Europe.

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