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Global Oil Prices Slip Below $70 per Barrel as Demand in China Falls

Written: 2023-12-07 08:14:44Updated: 2023-12-07 08:19:19

Global Oil Prices Slip Below $70 per Barrel as Demand in China Falls

Photo : KBS News

Global oil prices slipped below 70 dollars per barrel on Wednesday amid a worsening demand outlook in China.

The New York Mercantile Exchange closed the day with the price of West Texas Intermediate crude for January standing at 69 dollars and 38 cents per barrel, down two dollars and 94 cents from Tuesday to fall below 70 dollars a barrel for the first time since July 3.

Brent crude futures for January also slipped nearly four percent to close at 74 dollars and 30 cents per barrel.

Oil prices have been continuously declining amid widening skepticism over the decision by Organization of the Petroleum Exporting Countries(OPEC)-Plus to cut oil production by almost 700-thousand barrels a day, or less than one percent of global supplies.

OPEC-Plus refers to the consortium of major oil producers led by Saudi Arabia.

The move by the U.S. energy industry to boost oil production partnered by slipping demand in China due to an economic downturn mainly drove down global oil prices.

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