October 15, 2024

Oil's drop suggests the global economy may be 'stalling or contracting'

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Against that backdrop, he expects to see even lower oil prices this year and said they could potentially set new 2024 lows.

On Tuesday, West Texas Intermediate crude for November delivery dropped $3.25, or 4.4%, to settle at $70.58 a barrel on the New York Mercantile Exchange. December Brent crude, the global benchmark, declined $3.21, or 4.1%, to $74.25 a barrel on ICE Futures Europe. Prices for Brent as well as WTI settled at their lowest since Oct. 2, according to Dow Jones Market Data.

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