Crude prices were down 0.65% to settle at 5,839, as concerns over future demand and fears of supply disruptions weighed on the market. Both the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) have cut their forecasts for global crude demand in 2024 and 2025. Weak economic data from China, which reported growth of 4.6% in the third quarter, increased the calls. For stimulus measures. In addition, China’s refinery output fell for the sixth straight month due to weak fuel consumption and thin refining margins, further dampening crude demand. In the US, crude oil inventories fell by 2.192 million barrels in the week ended October 11, 2024.
Global crude demand is now expected to increase by 1.2 million barrels per day (bpd) to 104.3 million bpd in 2024, lower than earlier estimates.
