Brent Plunges Below $75 as Bearish Sentiment Builds

Oil prices fell early on Tuesday with Brent breaking below the $75 threshold for the first time this year as concerns about global oil demand continued to trump Libya’s production decline. As of 9:21 a.m. EDT on Tuesday, Brent Crude had slumped by 3.47% at $74.79. The U.S. benchmark, WTI Crude, was down by 2.98% on the day to trade at $71.30. Signals from OPEC+ sources that the group would proceed with a gradual easing of the cuts in October have already depressed oil prices and market sentiment at the end of last week. At the start of this…