West Texas Intermediate crude (WTI) closed down 20 cents at $80.44 a barrel. After OPEC lowered its forecast for global oil demand this year.
New York’s West Texas Intermediate Crude Oil (WTI) ended negative on Wednesday (Oct 13) after the Organization of the Petroleum Exporting Countries (OPEC) cut its forecasts. Global oil demand this year While investors are keeping an eye on the US crude inventories report, which is scheduled to be released today.
WTI crude oil contract for delivery in November It was down 20 cents, or 0.3%, at $80.44 a barrel.
Brent crude oil contract (BRENT) for delivery in December. It was down 24 cents, or 0.3%, at $83.18 a barrel.
Crude oil futures fell after OPEC lowered its forecasts for global oil demand this year. It is expected to increase by only 5.8 million barrels per day. It was originally expected to increase by 5.96 million barrels per day. Because the actual data in the first 3 quarters of this year came out lower than expected. Although OPEC still believes oil demand in the current quarter will be strong.
Investors are keeping an eye on the crude stock report that the U.S. Energy Information Administration (EIA) is due to release today. While analysts in a poll of S&P Global Platts predicted that U.S. crude inventories are down 500,000 barrels for the week ending Oct. 8, while gasoline inventories are expected to drop 400,000 barrels and distillates are down 800,000 barrels.
image from AFP
