• WTI depreciates as Israel is willing to refrain from targeting Iranian oil facilities.
• Israeli Prime Minister Benjamin Netanyahu informed the US that Israel plans to attack Iranian military targets rather than nuclear or Oil infrastructure.
• OPEC Monthly Market Report revised down its global Oil demand growth outlook for 2024 and 2025.

West Texas Intermediate (WTI) Oil price continues its decline for the third successive session, trading around $71.10 per barrel during Tuesday’s Asian hours. Crude Oil prices are facing downward pressure following a media report suggesting that Israel is willing to refrain from targeting Iranian oil facilities, easing concerns about potential supply disruptions.

The Washington Post reported on Monday that Israeli Prime Minister Benjamin Netanyahu informed the United States (US) that Israel plans to focus on Iranian military targets rather than nuclear or Oil infrastructure. Last week, Oil prices had gained support as investors feared supply risks after Israel indicated plans to retaliate against a missile attack from Iran.

On Monday, Crude Oil prices dropped nearly 5% following the release of the OPEC Monthly Market Report, which revised its global Oil demand growth outlook for 2024 and 2025. OPEC also cut its forecast for China's crude oil demand growth for the third consecutive month in October, citing the growing adoption of electric vehicles and sluggish economic growth as key factors.

The Monthly Oil Market Report (MOMR) by the Organization of the Petroleum Exporting Countries (OPEC) suggests China's crude Oil demand will expand by 580,000 barrels per day (bpd) in 2024. This estimate is down from the 650,000 bpd gain forecast in September and is also 180,000 bpd below the rise of 760,000 bpd OPEC was predicting in July for the world's biggest oil importer.