Oil prices fell 2% as OPEC downgraded its global demand forecast and China's oil imports dropped for the fifth consecutive month. Concerns over Israeli-Iran tensions also weighed on markets, with Brent settling at $77.46 per barrel and WTI at $73.83 per barrel.
Oil prices dropped 2% on Monday as OPEC revised down its expectations for global oil demand growth in 2024 and 2025, coinciding with China's oil imports declining for the fifth month in a row.
Investor confidence was not boosted by China’s stimulus efforts, while attention remained on potential Israeli strikes against Iranian oil facilities. Brent crude futures closed down $1.58, or 2%, at $77.46 per barrel, while U.S. West Texas Intermediate crude fell $1.73, or 2.29%, to $73.83 per barrel. Last week, Brent had increased by 99 cents, and WTI rose by $1.18.
After-hours trading saw Brent drop more than $4, or 5%, following reports that Israeli Prime Minister Benjamin Netanyahu informed the U.S. of Israel's willingness to target Iranian military sites, excluding nuclear or oil facilities. Additionally, U.S. heating oil futures fell 5%, and gasoline futures decreased by over 4%.
OPEC's forecast for global oil demand growth in 2024 has been revised down for the third consecutive time, largely due to lower expectations for China, which accounts for a significant portion of this year's downgrade. OPEC reduced its forecast for Chinese oil demand to 580,000 barrels per day (bpd) from 650,000 bpd.
In the first nine months of the year, China's crude imports fell nearly 3% from the previous year to 10.99 million bpd.
Decreasing demand in China is attributed to the rise of electric vehicles (EVs) and a slowdown in economic growth post-COVID-19, negatively impacting global oil consumption and prices. This negative outlook from China overshadowed market worries about potential disruptions in oil production following an Israeli response to Iran's missile attack on October 1.
The U.S. announced its decision to deploy troops and an advanced anti-missile system to Israel to enhance its air defenses. “While an attack by Israel into Iran is likely to happen, the latest reinforcing measures by the US military may have calmed the responses on both sides,” noted Dennis Kissler, senior vice president of trading at BOK Financial.
He added, “A nervous trade will remain with most fund managers remaining on the sidelines.” Meanwhile, U.S. officials have been discreetly advising Israel to carefully consider its response to avoid triggering a larger conflict in the Middle East.
President Biden has also publicly expressed his opposition to an Israeli strike on Iran’s nuclear facilities and concerns over potential attacks on Iranian energy infrastructure.
Additionally, the dollar reached a nine-week peak on Monday during light trading, which can negatively impact demand for dollar-denominated oil among buyers using other currencies.
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As OPEC marks its 65th anniversary, the organisation reflects on its role in shaping global energy, promoting stability, and ensuring oil remains vital for economic growth and energy security worldwide.
Kazakhstan will remain part of the OPEC+ oil production deal but is opening talks to revise contracts with foreign investors at its largest oil and gas fields, Prime Minister Olzhas Bektenov said on Tuesday.
OPEC expects improved economic performance in H2 2025 to support oil demand, with high refinery intake driven by summer travel and resilient growth in key markets.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
The 2026 FIFA World Cup draw at the Kennedy Center in Washington, D.C., has finalized the group stage for the tournament co-hosted by the U.S., Canada, and Mexico, setting the schedule and matchups for next summer’s expanded 48-team event.
Pakistan and Afghanistan exchanged heavy fire along their shared border late on Friday, a reminder of how sensitive the frontier remains despite ongoing diplomatic efforts.
Iran’s Foreign Ministry has strongly condemned the Gulf Cooperation Council (GCC) for its support of the claims by United Arab Emirates on three Iranian islands.
Chinese leader Xi Jinping accompanied French President Emmanuel Macron to Chengdu on Friday, a rare gesture seemingly reserved for the head of Europe's second-largest economy that highlights Beijing's focus on Paris in its ties with the European Union.
The United States plans to extend its travel ban to over 30 countries, U.S. Homeland Security Secretary Kristi Noem announced on Thursday.
U.S. industrial production rose by 0.1% in September, rebounding after a decline in August, while capacity utilisation remained unchanged, according to Federal Reserve data on Wednesday.
Google’s YouTube has announced a “disappointing update” for millions of Australian users and creators, confirming it will comply with the country’s world-first ban on social media access for under-16s by locking affected users out of their accounts within days.
President of Turkmenistan Serdar Berdimuhamedow has signed the “On Virtual Assets” law, which will officially legalise cryptocurrency mining and exchange activities in the country from 1 January 2026.
European Union ministers will urge senior U.S. trade officials to implement more elements of the July EU–U.S. trade deal on Monday, including cutting tariffs on EU steel and lifting duties on goods such as wine and spirits.
Google has announced a major update for its Pixel 10 series: owners can now send and receive files with Apple devices using AirDrop, without any collaboration from Apple. The new functionality applies to iPhones, iPads, and macOS devices, though for now it is limited to the Pixel 10 line.
You can download the AnewZ application from Play Store and the App Store.
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