On the evening of September 10th, international oil prices plummeted sharply. Under the impact of strong supply, demand concerns, and rampant speculative selling, oil prices have once again fallen. Brent crude oil fell below $70 per barrel for the first time since December 2021, with a intraday drop of nearly 4%, while US oil prices fell by nearly 5%.
The sharp drop in crude oil prices has led to a general decline in US energy stocks, with the S&P 500 energy index falling more than 2.3% at one point, hitting its lowest point since February.
On the news front, OPEC's monthly report released on Tuesday local time showed that the organization has lowered its forecast for global oil demand growth in 2024 and 2025, marking the second consecutive month of downward adjustment. However, OPEC also stated that the global oil demand growth rate is still at a healthy level.