International oil prices, which had surged amid escalating Middle East tensions, fell about 5% on the 15th (local time). This decline is attributed to forecasts of slowing oil demand in China and reduced concerns over Israel's potential attacks on Iranian oil facilities.
On that day, December delivery Brent crude futures traded at $73.82 per barrel at noon on the London ICE Futures Exchange, down 4.69% from the previous closing price.
West Texas Intermediate (WTI) crude oil prices on the New York Mercantile Exchange fell to $70.10 per barrel in pre-market trading, down 5.04% from the previous closing price.
The drop in oil prices was influenced by disappointment over China's economic stimulus measures and the Organization of the Petroleum Exporting Countries (OPEC) lowering its forecast for demand growth.
China, the world's largest crude oil importer, saw its import volume decline for five consecutive months through September compared to the same period last year. At a press conference on the 12th, China's Ministry of Finance announced plans to significantly increase government bond issuance to stimulate the economy but did not disclose the issuance scale. OPEC lowered its demand growth forecast for this year from 2 million barrels per day to 1.9 million barrels per day.
The Washington Post (WP), citing U.S. officials, reported that Israeli Prime Minister Benjamin Netanyahu conveyed to the U.S. government his intention to target military facilities rather than oil or nuclear-related facilities within Iran.
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