Oil Prices on Track for Hefty Weekly Drop on Fears Over Demand
Core Inflation in Asean Countries Still Persistent, Says RHB Bank -- Market Talk
International oil prices fall below the alarm line! OPEC+ official announcement delays the current production reduction scale for another two months.
①OPEC announced on its official website that the eight countries participating in the "voluntary production reduction measures" have agreed to extend the plan by two months until the end of November 2024; ② Previously, consulting firm Energy Aspects pointed out that the recent weak demand has added to the possibility of OPEC+ delaying production increases.
Oil Steadies On U.S. Crude Stock Drawdown, OPEC+ Output Hikes Delay
Multiple bearish factors dominate the market, causing WTI to fall below the $70 level.
This week (8.29-9.4), crude oil overall showed a downward trend in volatility. The average price of WTI this week was $72.25 per barrel, a decrease of $2.81 per barrel, or -3.75%, from the previous week. The main factors that led to the pressure and decline in oil prices during the week were: OPEC's increase in crude oil supply, the expected recovery of Libyan crude oil supply, and poor US energy demand.
OPEC+ Members Delay Production Increase Amid Falling Prices