World Oil Prices: Latest Updates and Trends

Current Oil Prices

As of 5:30 a.m. on September 11 (Vietnam time), WTI oil prices have increased by 0.85%, while Brent oil prices remain unchanged, according to Oilprice.

Recent Market Trends

Oil prices experienced a significant decline in the trading session on September 10, reaching a three-year low. This downturn was largely attributed to the Organization of the Petroleum Exporting Countries (OPEC) reducing its demand forecast for 2024 and 2025, which offset concerns about supply disruptions caused by tropical storm Francine.

Price Fluctuations

Brent crude fell by $2.65, or 3.69%, to $69.19 per barrel, marking its lowest level since December 2021. WTI crude also declined by $2.96, or 4.31%, to $65.75 per barrel. Notably, WTI crude prices dropped by more than 5% at one point during the session, hitting their lowest level since May 2023.

OPEC’s Demand Forecast

According to OPEC’s monthly report, global oil demand is expected to grow by 2.03 million barrels per day in 2024, down from the previous forecast of 2.11 million barrels per day. This revised estimate has contributed to the decline in oil prices.

Global Demand Outlook

OPEC has also reduced its 2025 global demand growth estimate to 1.74 million barrels per day, a decrease of 0.04 million barrels. This downward revision has further contributed to the weakening global demand outlook and expectations of an oil oversupply.

Contrasting Forecasts

In contrast to OPEC’s forecast, the US Energy Information Administration (EIA) predicts that global oil demand will reach a record high in 2024, while production will be lower than previously forecast. According to the EIA, global oil demand is expected to average approximately 103.1 million barrels per day in 2024, an increase of 200,000 barrels per day from the previous forecast.