Oil slumps over 4% to lowest close in two weeks

Oil drilling rigs

Oil prices dropped today, Oct. 15, to their lowest levels in about two weeks, as geopolitical risk premiums eased and as investors assesses pressures on supply and demand.

Brent crude sank 4.15%, or $3.21, to $74.25 a barrel, marking the lowest close since Oct. 2.

WTI crude fell 4.4%, or $3.25, to $70.58 a barrel—also the lowest level since Oct. 2.

Both benchmarks were down more than 5% in today's session, following a nearly 2% decline on Oct. 14, amid concerns about weak demand.

The International Energy Agency cut   its forecast for oil demand this year as Chinese consumption slowed. The agency noted that it expects global consumption to grow by 862,000 barrels per day, down from 903,000 barrels per day previously.

OPEC said it expects  China's demand  for crude oil to grow by 580,000 barrels per day this year, down from its previous estimate in September of 650,000 barrels per day.