By earn 
Recent Performance of WTI Crude Oil
This past week has witnessed a significant decline in West Texas Intermediate (WTI) crude oil prices, which have fallen below $69 per barrel. This drop marks a decrease of over 6%, the steepest weekly decline we’ve seen since late September. Such a shift in prices is indicative of broader market trends, which are influenced by various global economic factors.
Economic Challenges in China
The slowdown in China’s economic growth has been a critical factor impacting oil prices. According to recent reports, China’s GDP increased by only 4.6% in the September quarter compared to the previous year, indicating its slowest growth rate of 2023. This slowing momentum is expected to contribute to reduced oil demand, further pressuring WTI crude prices.
Geopolitical Factors and Supply Adjustments
In addition to China’s economic performance, the oil market has also faced fluctuations due to decreasing supply disruptions in the Middle East. The resumption of production and exports from Libya has contributed to an ample supply of crude oil. Furthermore, revised demand growth projections from both OPEC and the IEA have added to the downward pressure on prices, as they now anticipate lower global consumption rates. Even a decrease in refinery outputs in China signals potential struggles for demand moving forward.
