Oil Prices Plunge Over 3% as OPEC Cuts Demand Forecast 📉

Oil prices fell over 3% on Tuesday, marking the lowest levels since December 2021. OPEC's monthly report indicates a reduced forecast for oil demand growth in 2024 and a slight decrease for 2025 compared to previous estimates. China’s housing crisis and shift towards natural gas, driven by a housing crisis, contributed to the downward revision of oil demand forecasts. Analysts have revised their price targets downward amid broader economic concerns in the US and Europe.