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Home > Investing > Oil slips towards 2-week low on gloomy demand outlook

Oil slips towards 2-week low on gloomy demand outlook

Published by Jessica Weisman-Pitts

Posted on November 13, 2024

2 min read

Last updated: January 28, 2026

Oil prices decline amid weak demand outlook and OPEC forecasts - Global Banking & Finance Review — This image illustrates the recent decline in oil prices, reflecting OPEC's downgraded demand forecasts for 2024 and 2025 due to economic concerns in China and India.

Tags:oil and gas financial markets economic growth International trade

By Arunima Kumar

(Reuters) -Oil prices slipped on Wednesday, trading near their lowest in two weeks, a day after OPEC lowered global oil demand growth forecasts for 2024 and 2025 and amid demand concerns in China.

OPEC cited weakness in China, India, and other regions for its decision, which marked the producer group’s fourth straight downward revision for 2024.

Brent futures were 65 cents, or 0.9%, lower at $71.24 a barrel at 1434 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 54 cents, or 0.8%, at $67.58.

Charalampos Pissouros, analyst at XM, said oil has also been under pressure from a stronger dollar after Donald Trump’s U.S. presidential election win and weak Chinese stimulus efforts.

“All these developments keep the risks surrounding oil prices tilted to the downside, suggesting that WTI crude oil may soon visit its September lows of around $65.70,” said Pissouros.

The International Energy Agency, which has a much lower demand growth forecast than OPEC’s, is set to publish its updated estimate on Thursday.

On the supply side, markets could still face disruption from Iran or further conflict between Iran and Israel, Barclays said.

Trump’s expected pick for secretary of state, Senator Marco Rubio, could be bullish for prices as his hawkish view on Iran could see sanctions enforced, potentially removing 1.3 million bpd from global supply, said Panmure Liberum’s Ashley Kelty.

Iran’s oil minister said Tehran had made plans to sustain oil production and exports, and was ready for possible oil curbs by the U.S, the ministry’s news website Shana reported.

The American Petroleum Institute’s data, due at 4:30 p.m. EST (2130 GMT) on Wednesday is also in focus, with analysts polled by Reuters expecting a 100,000-barrel rise in crude inventories for the week ending Nov. 8.

(Reporting by Arunima Kumar in Bengaluru, Colleen Howe in Beijing, Jeslyn Lerh in Singapore and Alex Lawler and Enes Tunagur in London. Editing by Jamie Freed, Mark Potter, Louise Heavens and Alexander Smith)

Frequently Asked Questions about Oil slips towards 2-week low on gloomy demand outlook

1What is oil demand?

Oil demand refers to the quantity of oil that consumers and industries are willing to purchase at a given price over a specific period. It is influenced by economic activity, energy needs, and market conditions.

2What are Brent futures?

Brent futures are contracts for the future delivery of crude oil from the North Sea. They are used as a global benchmark for oil prices, reflecting the market's expectations of future oil prices.

3What is WTI crude oil?

West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing. It is known for its high quality and is primarily produced in the United States.

4What is OPEC?

The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-producing countries that coordinate their oil production policies to manage oil prices and ensure stable markets.

Frequently Asked Questions

1What is oil demand?

2What are Brent futures?

Brent futures are contracts for the future delivery of crude oil from the North Sea. They are used as a global benchmark for oil prices, reflecting the market's expectations of future oil prices.

3What is WTI crude oil?

West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing. It is known for its high quality and is primarily produced in the United States.

4What is OPEC?

The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-producing countries that coordinate their oil production policies to manage oil prices and ensure stable markets.