Oil prices drop $2 on demand concerns, Israel comments

2024.10.14 21:21

SINGAPORE (Reuters) – Oil prices slid $2 in early Asian trade on Tuesday as OPEC lowered its outlook for global oil demand growth in 2024 and 2025 and a media report that Israel is willing to strike Iranian military and not nuclear or oil targets.

futures were down $2.11, or 2.7%, at $75.35 per barrel, while U.S. West Texas Intermediate crude futures fell $2.07, or 2.8%, to $73.76 per barrel as of 0045 GMT. Both benchmarks had settled about 2% lower on Monday.

Israeli Prime Minister Benjamin Netanyahu told the U.S. that Israel is willing to strike Iranian military targets and not nuclear or oil ones, the report said.

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