Crude prices fell after weak economic data from the United States and China dampened demand expectations and negative signals dominated global markets.

Crude oil prices fell for the second consecutive trading day amid weak economic data from both China and the US this week.

The WTI futures price dropped below $70 per barrel for the first time since December 2023, while Brent futures slumped to under $74 per barrel, a level not seen in nine months.

In late August, oil prices surged due to escalating military conflict between Iran and Israel, alongside production disruptions in Libya, which also fuelled the upsurge.

OPEC+ may delay its plan to increase production in October amid plunging oil prices. The organization had previously agreed to raise production by 180,000 barrels per day as part of its plan to gradually unwind output cuts.

In June, OPEC and its allies agreed to extend production cuts of 3.66 million barrels per day until the end of 2025, with additional voluntary cuts of 2.2 million barrels per day continuing until September this year.

The organization, which supplies over 37% of the world’s total oil, has been reducing output since 2022, leading to a total cut of 5.86 million barrels per day, representing 5.7% of global demand.