WTI crude oil prices remained largely unchanged as of the latest trading session, concluding a month in which September saw a cumulative 6.2% decline. This marks the third consecutive month of losses for crude oil. The downward pressure on prices is attributed to increased supplies from OPEC+ and weak demand prospects.
The November delivery of West Texas Intermediate (WTI, Financial) crude futures fell by $0.01, or 0.01%, to settle at $68.17 per barrel. Over the entirety of September, WTI recorded a total decline exceeding 6.16%.
In parallel, Brent crude, the global benchmark for oil prices, experienced a decline of approximately 9% throughout September. Barclays projects that the average price of Brent crude will reach $85 per barrel by 2025.
