US Oil Prices Erase 2024 Gains on OPEC Output, Economic Growth Fears

Published on September 5, 2024

U.S. crude oil prices erased their 2024 gains and slumped below $70 per barrel on growing supply concerns and waning demand fears. October West Texas Intermediate (WTI) crude futures have tumbled by as much as 7 percent over two sessions on the New York Mercantile Exchange, sliding to their lowest levels since December 2023. Year to date, the U.S. benchmark is down by about 2.4 percent after rallying by as much as 21 percent this past spring. In recent days, there have been many factors fueling the crude selloff. OPEC Delays Production Hike Following a Sept. 5 virtual meeting, the Organization of Petroleum Exporting Countries (OPEC) and its allies, OPEC+, agreed to delay an oil production increase for October and November after a week of speculation....

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