Brent crude slides by almost $3.50 a barrel to below $74 after Opec cuts forecasts for demand growth

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Global oil prices have tumbled by almost $3.50 a barrel amid ongoing concerns about a slowdown in China and easing fears about the possibility of an attack by Israel on Iran’s energy facilities.

The Israeli prime minister, Benjamin Netanyahu, has reportedly offered assurances to the White House that its retaliation on Iran for its missile attack at the start of this month would not target oil export terminals or nuclear facilities, which could send market prices soaring.