WTI Oil Prices Plummet Amid US Economic Concerns

West Texas Intermediate (WTI) crude oil prices have dropped nearly 2%, slipping above $70 per barrel, as concerns about the US economy’s impact on oil demand continue to grow.

As of 11:58 pm Thai time, the WTI crude oil price for October delivery fell by $1.28, or 1.80%, to $69.69 per barrel.

US Economic Indicators Weaken

S&P Global’s Purchasing Managers’ Index (PMI), which combines the manufacturing and basic services sectors of the United States, fell to 54.4 in September, the lowest level in two months, from 54.6 in August.

Employment growth has slowed, and business confidence has waned amid uncertainty surrounding the US presidential election in November.

Middle East Tensions Escalate

Investors remain cautious, keeping a close eye on the situation in the Middle East, where tensions between Israel and Lebanon continue to escalate.

Israeli Defense Minister Yoav Gallant stated that Israel would continue to attack targets in Lebanon until it achieves its goal of ensuring the safe return of Israelis to their homes in the north.

The Lebanese Ministry of Health reported a rising death toll, with 274 fatalities and 1,024 injuries, following Israel’s major warplane attack on southern and eastern Lebanon.

The Israeli Army launched a massive attack on 300 targets in Lebanon, the largest in almost a year, targeting Hezbollah strongholds.

Rear Admiral Daniel Hagari, a spokesman for the Israel Defense Forces (IDF), confirmed that the targets included civilian buildings used by Hezbollah to store rockets, missiles, launchers, drones, and military equipment.

By Kongkiat Kawirakiti