Oil Prices Plunge to Three-Year Low Ahead of Key Election

Global benchmark Brent crude falls sharply as OPEC+ delays production hikes amidst weakening demand and economic concerns.

Brent crude drops 2.2% to $71.07 per barrel, the lowest since December 2021.
OPEC+ postpones planned production increases due to market volatility.
Bank of America cuts 2025 Brent forecast to $75 per barrel, citing softer demand.
US employment growth slows, raising concerns about economic stability.
Analysts predict potential further declines in oil prices amid surplus fears.