MOSUL TIME RADIO
Oil prices fell on Tuesday evening to below $70 a barrel for the first time since December 2021, in a new extension of the decline in prices caused by strong supplies, demand concerns and increased speculative selling .
The global benchmark Brent futures contract fell 3.8%, while West Texas Intermediate crude fell 4.2%, also recording its lowest intraday price since December 2021 .
Downbeat economic data from China and the United States has raised concerns about oil demand in the world’s biggest crude consumers, adding to fears of a surplus next year. That has been exacerbated by rising output in non-OPEC producers .
This decline comes despite the OPEC+ alliance postponing its original plan to add 180,000 barrels per day next month, as it gradually resumes production that has been halted since 2022 in an attempt to support prices .
Even after adjusting its production plan, OPEC kept its demand forecast unchanged in its monthly report this week. The International Energy Agency, which had previously forecast a surplus next year, is due to release its own monthly report this week.
