Brent crude fell below $70 for the first time since December 2021. Oil prices continued to decline on Tuesday after OPEC lowered its forecasts for global oil demand growth for this year and next.

At the close, Brent crude futures for November delivery dropped by 3.7%, or $2.65, to $69.19 per barrel, marking a record decline and reaching its lowest level since the end of 2021. Meanwhile, U.S. West Texas Intermediate (WTI) crude for October delivery fell by 4.3%, or $2.96, to $65.75 per barrel.

The Energy Information Administration (EIA) expects crude oil prices to rise above $80 per barrel this month due to a projected decrease in global oil inventories, as OPEC+ delays production increases until next December. However, it has revised its forecast for Brent crude prices down by 5% to $81.64 for the fourth quarter, compared to last month’s projections.

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