Oil Prices Plummet as US Gasoline Inventories Surge and Demand Concerns Mount

Oil prices dropped by 4% and reached their lowest levels since June due to concerns over fuel demand, exacerbated by a larger-than-expected rise in U.S. gasoline inventories. Brent crude fell below $75 a barrel for the first time since July, while U.S. crude dipped below $70 for the first time since July. The drop in prices was also influenced by worries about China's economic health and a wider trade deficit in the U.S. In addition, Russian President Vladimir Putin traveled to the UAE and Saudi Arabia to discuss oil and OPEC+.