Global crude oil prices fell by around 2% on September 11, driven by concerns over a potential slowdown in U.S. demand and rising oversupply in global markets.
In its monthly report, the International Energy Agency (IEA) indicated that global oil supply is expected to grow at a faster pace than previously forecast, supported by OPEC+ production plans.
Nevertheless, OPEC+ maintained its outlook for strong demand growth in 2025 and 2026, while announcing on September 7 its decision to further increase production quotas starting in October.
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West Texas Intermediate (WTI) crude for October delivery fell $1.30 or 2%, settling at $62.37 per barrel on the New York Mercantile Exchange.
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Brent crude for November delivery dropped $1.12 or 1.7%, closing at $66.37 per barrel.
