Oil Prices Plunge Amid Saudi Production Increase and Weak Global Demand

Saudi Arabia's decision to boost production and soft demand from China contribute to a significant decline in global oil prices.

Brent crude is down nearly 7% year-to-date, struggling to stay above $70 per barrel.
West Texas Intermediate has dropped 6% this week, with the U.S. benchmark down over 5% year-to-date.
Saudi Arabia's move to abandon its $100 price target and increase production is a major factor in the price decline.
China's lackluster economic performance and limited stimulus measures have dampened global oil demand.
Libya's potential return of over 500,000 barrels per day and OPEC+ plans to raise output in December further pressure prices.