Oil prices close at lowest since December 2021 [Video]

Crude oil futures on Tuesday closed at the lowest level since December 2021, as the market sell-off gained speed after OPEC lowered its demand forecast for the second time in two months.

“Crude Oil demand destruction one two punch from China and OPEC delivered the knockout blow today,” Bob Yawger, executive director of energy futures at Mizuho Securities, told clients in an afternoon note.

“Incredibly, the market is getting beat down while a tropical storm/hurricane churns up the US Gulf of Mexico oil patch,” Yawger wrote.

Here are Tuesday’s closing energy prices:

• West Texas Intermediate October contract: $65.75 per barrel, down $2.96, or 4.3%. Year to date, U.S. crude oil has declined 8.2%.
• Brent November contract: $69.19 per barrel, down $2.65, or 3.69%. Year to date, the global benchmark has pulled back 10.2%.
• RBOB Gasoline October contract: $1.87 per gallon, down 5 cents, or 2.6%. Year to date, gasoline has fallen 11.1%.
• Natural GasOctober contract: $2.23 per thousand cubic …