Crude oil prices declined by 2% on January 10, 2025, as concerns over weakened global demand outweighed supply cuts by OPEC+. Brent crude futures dropped to $79.50 per barrel, while West Texas Intermediate (WTI) crude settled at $74.80. Recent economic data from China, the world’s largest energy consumer, revealed slower-than-expected industrial growth in December 2024, raising fears of a prolonged demand slump. Analysts noted that while geopolitical factors and potential disruptions in supply could limit further price declines, sustained weakness in Chinese demand may exert downward pressure on oil prices in the near term.
Oil Prices Slide as Demand Outlook Dims
