WTI Crude Sees Biggest Weekly Drop in Over a Year

 | Friday, October 18, 2024 | 3:50 PM EST

Oil fell, posting its largest weekly decline in more than a year, as the US revived a push to end the conflict in the Middle East and China’s crude demand slipped.

West Texas Intermediate slid more than 2% to settle around $69 a barrel, while Brent retreated to settle near $73 a barrel. WTI posted a weekly decline of 8.4%, the biggest since October 2023. Israel’s killing of Hamas leader Yahya Sinwar led US President Joe Biden to renew calls for a cease-fire in Gaza, although Prime Minister Benjamin Netanyahu said operations are “yet to be completed.”

Recent data from China showed apparent oil demand fell from a year earlier, even amid tentative signs of economic improvement in the world’s second-biggest economy and the world’s largest crude importer.

Oil has failed to recover from sharp declines on Monday and Tuesday driven by easing concerns that Israel would strike Iran’s energy infrastructure in retaliation for an attack at the start of the month. Limiting the drop was a report on Thursday that nationwide US petroleum inventories fell for a fourth week.

In the longer term, the International Energy Agency forecast that rising global supply could lead to a sizable surplus next year while OPEC earlier this week trimmed its forecasts for oil demand growth this year and next for a third consecutive month.  

Oil Prices:

• WTI for November delivery dipped 2.1% to settle at $69.22 a barrel.
• Brent for December lost 1.9% to settle at $73.06 a barrel.