New York’s West Texas Intermediate (WTI) crude futures closed lower Wednesday (Oct 12) under pressure after the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for oil demand growth in all over the world this year and next year
- WTI Crude Oil Contract for November Delivery It fell $ 2.08, or 2.3 percent, to $ 87.27 a barrel.
- Brent crude oil contract (BRENT) with delivery in December. It fell $ 1.84, or 2%, to close at $ 92.45 a barrel.
crude oil futures contract After OPEC announced it had cut its global oil demand forecast for this year and next. suffers from the economic slowdown, skyrocketing inflation and China’s use of stringent measures to control the spread of COVID-19
In its October oil market report, OPEC said oil demand will increase by 2.64 million barrels per day, or 2.7% this year, down 460,000 barrels per day from previous predictions.
OPEC also said oil demand will increase by 2.34 million barrels per day next year, down 360,000 barrels per day from the previous forecast.
Meanwhile, OPEC lowered its global growth forecast for this year to 2.7% from 3.1% and lowered its forecast for next year to 2.5%.
Investors will await the release of US oil stock data from the US government’s Energy Information Administration (EIA) on Thursday (Oct. 13), as shown by analysts interviewed by S&P. Shares of US crude oil could rise by 2.2 million barrels for the week ending 7 October.
by InfoQuest News Agency (13 October 65)
