According to Jinshi Data, crude oil futures fell 1.6% to $69.96 per barrel during the U.S. session on September 18. The market is paying attention to the Fed's statement on interest rates, the decision on the extent of the interest rate cut, and the reasons behind the current economic outlook.
Phil Flynn, an analyst at Price Futures Group, said that despite the weakness in oil prices ahead of the expected production cuts, growing supply issues could support prices. Flynn pointed out in the report that the recent oil sell-off may be exaggerated and out of touch with fundamentals, and tight supply will prevent oil prices from falling much further.
West Texas Intermediate crude has fallen 20% since hitting a year-high of $86.91 a barrel in April.
