New York’s West Texas Intermediate (WTI) crude futures ended lower on Wednesday (Oct. 12) on pressure following the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for oil demand growth. around the world this year and next year
- WTI crude oil contract for delivery in November It fell $2.08, or 2.3 percent, at $87.27 a barrel.
- Brent crude oil contract (BRENT) for delivery in December. It fell $1.84, or 2%, to close at $92.45 a barrel.
crude oil futures contract After OPEC announced it cut global oil demand forecasts for this year and next. affected by the economic slowdown soaring inflation and China’s use of stringent measures to control the spread of COVID-19
In the oil market report for the month of October OPEC said demand for oil would increase 2.64 million barrels per day, or 2.7 percent, this year, down 460,000 barrels per day from earlier forecasts.
OPEC also said oil demand would increase by 2.34 million b/d next year, down 360,000 b/d from its previous forecast.
Meanwhile, OPEC lowered its global growth forecast for this year to 2.7 percent from 3.1 percent, and lowered its forecast for next year to 2.5 percent.
Investors will await the release of U.S. oil stock data from the U.S. government’s Energy Information Administration (EIA) on Thursday (Oct. 13), which analysts surveyed by S&P showed. Global Commodity Insights expects U.S. crude stocks may rise 2.2 million barrels for the week ending Oct. 7.
By InfoQuest News Agency (13 Oct. 65)
