Crude oil plummets to lowest levels in 3 years

Crude oil prices hit their lowest level since December 2021 after trading ended on Tuesday. Each fell nearly 4%.

It came after OPEC+ reconsidered and lowered its demand forecast for 2024 and 2025, a move that offset supply worries from Tropical Storm Francine, according to Reuters.

The final results? West Texas Intermediate crude dropped $2.96 or 4.31% to close at $65.75 a barrel on the New York Mercantile Exchange. At one point Tuesday, WTI crude futures fell more than 5% and hit their lowest levels since May 2023.

As for Brent crude futures, they fell $2.65 or 3.69% and settled at $69.19 a barrel on ICE Futures Europe. During earlier trading, Brent dropped more than $3 a barrel.

Tuesday’s trading saw mostly a split day for Oklahoma energy stocks. While Empire Petroleum lost more than 4%,  Matrix Service Co. soared more than 15%.