WTI plummeted nearly 5% at one point! Economists warned: Saudi Arabia may increase production to launch a battle for market share.
Previously, there were media reports that individuals familiar with Saudi Arabia's thinking revealed that Saudi Arabia will abandon the $100 per barrel oil price target and strive to resume oil production growth in December this year.
The sharp drop in oil prices has pushed down inflation expectations, with the 'global asset pricing anchor' falling back from its two-and-a-half-month high.
Crude oil futures prices fell sharply by over 5%, while USA 10-year Treasury bond prices saw the largest increase in two weeks.
Crude Futures Sink As Risk Of Supply Disruption Fades -- Market Talk
Express News | Crude oil fell below $70 per barrel for the first time since October 3rd.
Decision Analysis: The Israeli news dealt a fatal blow to oil prices, and the rise of the US dollar is timely.
On Tuesday (October 15th), Asian stock markets edged down slightly, in contrast to the strong closing on Wall Street and investors' optimistic sentiment towards corporate earnings, while the US dollar approached a two-month high as market expectations for a smaller rate hike next month in the usa.
IEA: Oil market to be in oversupply by 2025
The latest monthly report from the IEA shows that if OPEC+ maintains production unchanged, the oil market will still be oversupplied by 2025.