On October 15th, Futu News reported that the pre-market U.S. stock oil sector fell. As of the time of publication, the oil and chemical giant $Exxon Mobil (XOM.US)$ is down 3.01%, at $120.35, with pre-market trading volume reaching $1.0405 million. Additionally, $Occidental Petroleum (OXY.US)$ it dropped nearly 3% pre-market, $Chevron (CVX.US)$ it fell over 2% pre-market, $Diamondback Energy (FANG.US)$ Pre-market fell more than 4%. $Devon Energy (DVN.US)$ Pre-market fell more than 3%.
On the news side, the International Energy Agency (IEA) stated on Tuesday that there will be a significant "oversupply" in the global oil market by 2025. At the same time, the agency ensures readiness to take action to deal with potential interruptions in Iranian oil supply. After the release of this latest report by the IEA, it dispelled expectations in the market of a possible reduction in Iranian oil supply stimulating an increase in oil prices, resulting in a sharp drop of over 5% in the recent weak Brent crude oil futures prices.
In addition, on Monday, the Organization of the Petroleum Exporting Countries (OPEC) has lowered its global crude oil demand growth forecast for the next two years for the third consecutive month. In its latest monthly report, it stated that global oil consumption in 2024 will increase by 1.9 million barrels per day, which is 0.106 million barrels per day lower than the previous forecast, and consumption in 2025 is expected to increase by only 1.6 million barrels per day.
