U.S. crude oil prices erased their 2024 gains and slumped below $70 per barrel on growing supply concerns and waning demand fears.
October West Texas Intermediate (WTI) crude futures have tumbled by as much as 7 percent over two sessions on the New York Mercantile Exchange, sliding to their lowest levels since December 2023. Year to date, the U.S. benchmark is down by about 2.4 percent after rallying by as much as 21 percent this past spring.
