Oil is down 4% before the US Federal Reserve meeting

Oil prices fell by about three dollars a barrel today, and Brent crude recorded its lowest level since December 2021, and West Texas crude recorded its lowest level since March, amid concerns about demand growth and before the US Federal Reserve meeting.

Goldman Sachs cut its price forecast, citing higher-than-expected supply later this year and into 2024. Its December crude price forecast is at $86 a barrel for Brent, down from $95, and to $81 a barrel for WTI, down from $89 a barrel. .

Brent crude futures fell by $2.95, or 3.9%, to $71.84 a barrel, the lowest level since December 2021. West Texas Intermediate crude futures fell by $3.05, or 4.4%, to $67.12 a barrel.