Oil futures dipped below $45 a barrel on Wednesday, settling at the lowest level in nearly two weeks after the Energy Information Administration lowered its crude-oil price forecasts for this year and next.Prices also saw pressure ahead of weekly data that’s expected to show a rise in U.S. crude supplies.
On the New York Mercantile Exchange, October CLV5, -0.70% West Texas Intermediate crude CLV5, -0.70% fell $1.79, or 3.9%, to settle at $44.15 a barrel. October Brent crude LCOV5, -0.88% on London’s ICE Futures exchange fell $1.94, or 3.9%, to $47.58 a barrel.
Both contracts saw their weakest settlement since Aug. 27. Overall, oil prices have fallen by around 17% so far this year.
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