Oil falls 17% in the third quarter
Oil prices closed relatively unchanged on Monday but recorded a 17% loss in the third quarter of this year. Concerns that escalating conflicts in the Middle East could reduce crude supply were overshadowed by diminishing worries about global demand.
Brent crude futures for November delivery fell 21 cents, or 0.29%, to $71.77 per barrel. Brent experienced a 9% drop in September, marking its largest monthly decline since November 2022.
U.S. West Texas Intermediate (WTI) futures edged down 1 cent, or 0.01%, to $68.17 per barrel. WTI also dropped 7% in September, its largest monthly decrease since October 2023, and saw a 16% decline, representing its biggest quarterly loss since the third quarter of 2023.
Mexican export blend crude fell by 4 cents, or 0.06%, to $63.76. In September, it lost 8.53%, and for the quarter, it declined by 16.81%.
On Monday, prices received some support from the potential for Iran, a key producer and member of the Organization of the Petroleum Exporting Countries (OPEC), to become directly involved in the increasingly broader conflict in the Middle East.
Prices fell last week after reports indicated that Saudi Arabia, the de facto leader of OPEC, was preparing to abandon its unofficial price target of $100 per barrel while gearing up to increase production.
Monday’s data was not encouraging for demand, as it showed that China’s manufacturing activity contracted for the fifth consecutive month, and the services sector slowed down in September.
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