Oil prices fell sharply in the third quarter of 2024 due to concerns about weak global demand

DNVN - In the last session of September 30, oil prices did not fluctuate much, but decreased by about 17% in the third quarter of 2024 due to concerns about weakening global demand, overshadowing worries that the conflict in the Middle East could reduce crude oil supply.

At the end of the trading session on September 30, Brent oil price for November 2024 delivery decreased by 21 US cents to 71.77 USD/barrel. Meanwhile, the contract for December 2024 delivery increased by 27 US cents to 71.81 USD/barrel. However, in September alone, Brent oil price decreased by 9%, this is the sharpest decrease since November 2022. In the third quarter of 2024, Brent oil price decreased by a total of 17%, the largest decrease in the past year.

Similarly, the price of US light sweet crude (WTI) also decreased slightly by 1 US cent to 68.17 USD/barrel. In September 2024, WTI oil price decreased by 7%, the largest decrease since October 2023. In the third quarter, this oil price decreased by 16%, the largest decrease since the third quarter of 2023.

This month, pressure on oil prices increased due to concerns about global crude supply.

However, oil prices still received some support from the possibility that Iran, a key member of the Organization of the Petroleum Exporting Countries (OPEC) and a major oil producer, could be drawn into a wider conflict in the Middle East. According to economist Tim Snyder of Matador Economics, the market is closely watching whether the conflict in the Middle East spreads to the region.

Viet Anh (t/h)

Source: https://doanhnghiepvn.vn/quoc-te/gia-dau-giam-manh-trong-quy-iii-2024-do-lo-ngai-nhu-cau-toan-cau-yeu/20241001091340182