West Texas Intermediate crude oil down $1.82 on Fed Fed Worries

contractwest texas crude oil Delivered in Jan. which is traded inNymex Market It fell $1.82, or 2.4%, to settle at $74.29 a barrel.Brent crude oil It fell $2.17, or 2.7%, to settle at $79.04 a barrel.

in addition oil priceIt is also affected by investors taking profits in the market. After the price of WTI crude oil rose earlier. in response to the expected recovery in demand next year

The Organization of the Petroleum Exporting Countries (OPEC) released its report on global oil demand forecasts for next year. The positive factor was the growing demand for oil in the United States and China.

In the condition reportoil marketThe month of December. OPEC said oil demand will increase by 2.2 million barrels per day in 2023 to 101.8 million barrels per day. This was supported by easing geopolitical conditions. and how China can control the spread of COVID-19

OPEC also said that oil demand in the US will be higher than in 2019, which was before the COVID-19 pandemic.

The International Energy Agency (IEA) released a report stating that oil priceIt will rise in 2023, affected by tightness in the market of using Western nationsRussian sanctions Although the demand for oil is higher than expected.

The IEA expects that productionRussian oilwill fall 14% to 9.6 million barrels per day at the end of the first quarter of 2023, which is expected, if true. It will cause the price of oil contracts to rebound against the previously downtrend.

In addition, the IEA expects that demandworld oilwill increase by 1.7 million barrels per day in 2023 to reach 101.6 million barrels per day. This was driven by demand for oil from India and China.