(Bloomberg) -- Brent erased its 2024 gains as concerns about demand in the world’s two biggest economies overshadow heightened geopolitical risks.
The global benchmark dropped below $75 a barrel and touched the lowest intraday price since December 2023.
The rout comes amid concerns about both supply and demand. The Organization of the Petroleum Exporting Countries and allies are due to add 180,000 barrels to daily supplies within weeks as they gradually restore production, according to delegates involved in the discussions.
At the same time, continued weakness in China, the world’s largest oil importer, is compounding fresh concerns about the US economy.
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