WTI falls below $74.00 per barrel on increased oversupply concerns. Bets on Fed rate cuts have backslid further, markets now see November cut. Crude Oil sentiment slumps in the face of an extended wait for rate cuts. West Texas Intermediate US Crude Oil tumbled to fresh lows on Tuesday as energy market sentiment extended a pullback in risk appetite.
, recently unveiled plans to slowly walk back voluntary production cuts that were meant to bolster global Crude Oil prices. announced on June 2 that the Crude Oil conglomerate would look at pohasing out production restrictions heading into the final quarter of 2024 after enacting voluntary production caps in 2023.
member states, many of whom rely on Crude Oil production in order to balance their government budgets, have grown weary of carrying supply constraints championed by OPEC. With global growth in Crude Oil demand failing to materialize as many investors had anticipated, barrel bids are declining as few traders see a reason to buy up long-dated Crude Oil as global supply is set to grow an overhang on demand figures.
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