Crude oil futures dropped over 4% on Tuesday, with market concerns about a global surplus next year outweighing risks from Middle East conflicts. Prices surged earlier this month after Iran's missile attack on Israel, raising fears of retaliatory strikes on Iranian oil facilities. The International Energy Agency said it’s ready to intervene if supply disruptions occur, but for now, global oil flow remains steady. IEA's report points to a surplus in 2024, slowing demand and rising U.S. production. OPEC has cut its 2024 oil forecast for the third straight month.
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00:00It's Benzinga, and here's what's on the block.
00:03Crude oil futures dropped over 4% on Tuesday, with market concerns about a global surplus
00:07next year outweighing risks from Middle East conflicts.
00:11Prices surged earlier this month after Iran's missile attack on Israel, raising fears of
00:15retaliatory strikes on Iranian oil facilities.
00:19The International Energy Agency said it's ready to intervene if supply disruptions occur,
00:24but for now, global oil flow remains steady.
00:27IEA's report points to a surplus in 2024, along with slowing demand and rising U.S.
00:32production.
00:33OPEC has cut its 2024 oil forecast for the third straight month.
00:37For all things money, visit Benzinga.com.