Will Oil Prices Fall Below $70?

January U.S. Crude Prices Plunge January U.S. crude oil witnessed a significant drop of around 5% on Thursday, hitting a four-month low. This decline in West Texas Intermediate (WTI) crude, which reached its lowest level since early July, reflects growing concerns over global oil demand amidst weakening economic data from the U.S. and Asia. Factors such as increased unemployment claims and a drop in U.S. retail sales signal a potential reduction in oil demand. However, OPEC and the IEA anticipate a supply crunch in the coming quarters, challenging…