Oil prices continued their downward trend, influenced by economic data from the United States and Europe. The upcoming U.S. elections and ongoing conflicts in the Middle East remain significant factors to watch.
On Thursday, October 24, oil closed lower once again. The Brent crude contracts for December fell by 0.77%, settling at $74.38 per barrel on the Intercontinental Exchange in London.
Similarly, West Texas Intermediate (WTI) contracts for December dropped by 0.81%, ending at $70.19 per barrel on the New York Mercantile Exchange. At one point during the session, WTI traded below $69 per barrel.
The decline in oil prices stemmed from increasing market risk aversion. In Europe, business activity in the eurozone stagnated this month, remaining in contraction territory.
The preliminary Composite Purchasing Managers’ Index (PMI) compiled by S&P Global rose slightly to 49.7 in October, up from 49.6 in September. Analysts had anticipated a more substantial increase to 49.8.
Despite this monthly improvement, the index stayed below the critical mark of 50, indicating a contraction in industrial activity for the second consecutive month. The slower economic growth in Europe heightened concerns regarding energy demand.
Oil also served as a “risk thermometer,” reflecting rising investor caution amid speculation about a potential victory for Donald Trump in the upcoming presidential election.
Additionally, worries about possible disruptions to oil supply due to Middle Eastern conflicts lingered. Analysts at Julius Baer noted that despite these uncertainties, oil prices have remained relatively stable in recent days.
They highlighted that market anxiety surrounding a direct confrontation between Israel and Iran is “palpable,” yet long-term outlooks appear more tempered.
In short, the bank has adjusted its forecasts and now predicts oil prices will reach $65 per barrel by the end of 2025.
Live Market IntelligenceCommodities — Live Market Board
Rio Times · Live Market Intelligence
Commodities — Live Market Board
-0.24%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 3,883 | -0.07% | -7.43% | 3,885 | 3,927 | 3,871 | 125,907 |
| SILVER | 48.94 | -2.08% | -7.80% | 49.97 | 50.73 | 48.86 | 40,104 |
| BRENT | 95.59 | -0.24% | +51.71% | 95.82 | 97.12 | 95.07 | 16,439 |
| WTI | 88.27 | -0.53% | +50.40% | 88.74 | 89.64 | 87.80 | 131,082 |
| COPPER | 6.09 | -1.45% | +19.76% | 6.18 | 6.24 | 6.09 | 43,085 |
| LITHIUM | 58.51 | -1.55% | -8.13% | 59.43 | 59.59 | 58.42 | 76,279 |
| IRON ORE | 161.91 | — | +55.61% | 161.91 | 161.91 | 1 | |
| SOY | 1,230 | +0.24% | +8.66% | 1,227 | 1,241 | 1,219 | 73,442 |
| CORN | 446.00 | +0.79% | +1.02% | 442.50 | 450.25 | 441.75 | 170,814 |
| WHEAT | 593.75 | +1.63% | +10.83% | 584.25 | 600.00 | 582.00 | 68,130 |
| COFFEE | 274.00 | -2.21% | -31.79% | 280.20 | 279.20 | 272.55 | 13,301 |
| SUGAR | 18.41 | +1.04% | +27.49% | 18.22 | 18.54 | 18.16 | 41,714 |
| COCOA | 5,275 | +4.13% | -3.86% | 5,066 | 5,330 | 5,169 | 21,374 |
| ORANGE JUICE | 137.00 | -2.80% | -17.32% | 140.95 | 141.25 | 135.00 | 668 |
| COTTON | 79.02 | +0.44% | +25.63% | 78.67 | 79.90 | 78.63 | 18,270 |
| BEEF | 224.93 | +2.75% | +2.71% | 218.90 | 225.55 | 221.45 | 16,187 |
| CATTLE | 335.53 | -0.04% | -0.44% | 335.67 | 336.43 | 329.53 | 6,284 |
| USD/BRL | 5.64 | -0.04% | +6.58% | 5.64 | 5.67 | 5.63 | — |
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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