October 25, 2024
DOWNTURN — The October 1 military action by Iran against Israel caused the price of crude to spike. But note that after the spike, crude was still selling for less than it had in July (at left in chart above). China’s economy is slowing down, and the global price of crude is sliding down as China’s buys less oil. In July, China’s oil imports fell for the fourth straight month.
The low price here of $70.84 on September 10 was the lowest daily price for a barrel of OPEC crude since three years ago on December 1, 2021, when the price hit $70.03. Iran, which only sells oil in any large quantity to China, is assumed to be selling fewer barrels and for a lower price.
