Oil Prices Plummet as U.S. Crude Hits 11-Month Low, Sparking Market Share Battle

U.S. crude prices dropped below $70 per barrel, reaching their lowest levels since June, as concerns about the Chinese economy and increased oil production outside of OPEC+ weighed on the market. Gasoline prices in the U.S. also fell to an 11-month low, averaging $3.22 per gallon. Despite efforts by OPEC+ to boost prices by promising supply cuts in the first quarter of 2024, oil traders remain skeptical. Moody's downgraded China's government credit rating to negative, further contributing to the pessimistic outlook.