Concerns about China’s economy have dulled the outlook for energy demand — contributing to a drop in U.S. and global oil prices to their lowest levels in over two years on Tuesday, while exacerbating U.

Oil futures were trading below $70 a barrel on Wednesday, the lowest levels they’ve seen since 2022. One of the factors hitting prices is the wrong kind of OPEC cut: The cartel said in its monthly oil report Tuesday that it is now forecasting global oil demand to increase by just 2 million barrels per day this year,