Crude oil prices have fallen to right around $70 U.S. a barrel, extending their longest decline in five years.
The price of West Texas Intermediate (WTI) crude oil, the U.S. standard, is currently at $70.65 U.S., while Brent crude oil, the international benchmark, is trading at $75.30 U.S. per barrel.
Crude prices have now declined for seven consecutive weeks, the longest decrease since 2018, as concerns grow that supplies are overtaking demand.
Oil traders seemed to disregard news of production cuts announced by the OPEC+ cartel. Spreads between monthly contracts, a key gauge of supply and demand, continue to indicate weakness.
Prices for crude oil have fallen by 20% since late September as forecasters predict slower Chinese demand growth and see continued risks of a U.S. recession in 2024.
At the same time, production cuts from Saudi Arabia and Russia have failed to stem the slide in prices.
In the coming days, the International Energy Agency and U.S. Energy Department will publish their latest monthly assessment of the global oil market.
Investors will also be watching the U.S. Federal Reserve’s final decision on interest rates for this year that is scheduled to take place on Dec. 13.
