Oil prices were lower today with Brent trading down to its lowest level since December of 2021 and WTI down to its lowest level since May 2023. OPEC said today in a monthly report that world oil demand would rise by 2.03 MM/bpd in 2024, down from last month’s forecast for growth of 2.11 MM/bpd. Tropical storm Francie is headed towards the US Gulf Coast and could impact production and refining capability. Data released on Tuesday showed China’s exports grew in August at their fastest in nearly 1-1/2 years, but imports disappointed with domestic demand depressed. Meanwhile, Asian refiners’ margins fell to their lowest seasonal level since 2020 last week on rising supplies of diesel and gasoline. WTI traded down $2.96 or -4.31% to close at $65.75. Brent traded down $2.65 or -3.69% to close at $69.19.