Crude Oil crashes 5% to hit nine-month low on reports of Libya dispute resolution

Crude Oil crashes 5% to hit nine-month low on reports of Libya dispute resolution; Brent slips below $74, erases 2024 gains

International crude oil prices crashed five per cent on Tuesday, September 3, to hit their lowest levels in nine months after reports emerged that a deal was in the offing to resolve a dispute that has halted Libyan production and exports. The Libya news compounded an earlier price fall tied to weak Chinese economic data.

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Brent Crude Oil Falls to 8-Month Low

Brent Crude Oil Falls to 8-Month Low

Brent crude futures fell to below the $75.9 per barrel mark on Tuesday, the lowest since mid-December 2023, as expectations of muted demand magnified the impact of relatively ample supply. A batch of new data from China exacerbated concerns that economic growth from one of the world’s largest oil consumers is unlikely to bounce back this year, with key gauges of domestic factory demand dropping more than expected in August.

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Crude Oil Plunges to Lowest Since 2017 After Russia Rejects Steep OPEC Cut

Russia balked at OPEC’s proposed steep production cuts to stabilize prices. A Russian high-level source told Reuters that Moscow would not back a call for extra reductions in oil output and would agree only to an extension of existing cuts by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+.

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