Oil Prices Plunge Nearly 4% on Weakened Demand Outlook

Oct 15, 2024

Oil prices have declined nearly 4%, reaching their lowest point since early October. This drop comes as concerns over disrupted supply caused by Middle East conflicts have eased, highlighting a weakened demand outlook.

Consequently, American energy companies saw a pre-market slide in stock prices. Notably, ExxonMobil (XOM, Financial) experienced a 2.6% decrease, while Chevron (CVX) also fell by 2.6%.

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