Market Reports

Oil Prices Decline Amid U.S. Elections and Middle East Concerns

By RT Staff Reporters · October 24, 2024 · 2 min read

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.

Oil Prices Decline Amid U.S. Elections and Middle East Concerns. (Photo Internet reproduction)

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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 BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

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Commodities — Live Market Board

Global
Jul 24, 2026 · 09:12

Brent crude · benchmark

91.78
-8.85%

L 91.04day rangeH 94.50

+32.67% over 12 months

Market breadth · 15 names

60% advancing

9 ▲ advancing6 declining ▼

Currencies, rates & key inputs

Gold

4,059

+0.31%

Silver

58.73

+1.60%

Copper

6.36

+0.86%

Iron ore

161.91

·

WTI crude

89.52

-2.90%

Full instrument board

Instrument	Last	Change	YoY	Prev.	High	Low	Volume
GOLD	4,059	+0.31%	+20.42%	4,047	4,067	4,024	44,392
SILVER	58.73	+1.60%	+50.50%	57.80	58.93	57.36	10,207
BRENT	91.78	-8.85%	+32.67%	100.69	94.50	91.04	16,107
WTI	89.52	-2.90%	+35.57%	92.19	92.83	88.74	110,936
COPPER	6.36	+0.86%	+10.08%	6.30	6.38	6.31	11,696
LITHIUM	69.02	+0.03%	+55.17%	69.00	69.68	68.65	135,477
IRON ORE	161.91	—	+64.24%		161.91	161.91	1
SOY	1,244	+0.48%	+23.82%	1,238	1,255	1,240	34,042
CORN	484.75	+4.47%	+20.66%	464.00	492.00	484.00	49,594
WHEAT	689.00	-1.04%	+27.24%	696.25	711.25	686.75	22,345
COFFEE	311.55	+0.69%	+2.20%	309.40	299.75	296.45	2,534
SUGAR	14.58	-0.75%	-12.01%	14.69	14.74	14.54	11,347
COCOA	5,313	+0.23%	-34.60%	5,301	5,351	5,227	3,189
ORANGE JUICE	145.50	-3.19%	-57.07%	150.30	148.80	144.00	—
COTTON	80.44	+0.75%	+19.45%	79.84	81.75	79.75	5,049
BEEF	221.48	-0.77%	-1.92%	223.20	221.90	217.38	19,933
CATTLE	340.13	-0.31%	+3.41%	341.17	340.50	333.00	9,414
USD/BRL	5.08	-0.03%	-7.88%	5.08	5.09	5.07	—

Largest moves today

BRENT
91.78
-8.85%

CORN
484.75
+4.47%

ORANGE JUICE
145.50
-3.19%

WTI
89.52
-2.90%

SILVER
58.73
+1.60%

WHEAT
689.00
-1.04%

COPPER
6.36
+0.86%

BEEF
221.48
-0.77%

The session read

The Brent crude eased 8.85%, with breadth positive — 9 of 15 names higher. CORN led, while ORANGE JUICE lagged.

From The Rio Times

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