WTI Oil Prices Edge Up Amid OPEC’s Revised Demand Forecast

WTI crude oil prices inched higher recently, driven by short-covering activity, despite OPEC’s downward revision of global oil demand forecasts. The previous trading session saw oil prices drop to a two-week low due to this updated outlook. Additionally, the US dollar’s exchange rate hit a seven-month high, further capping potential gains for crude oil.

On the New York Mercantile Exchange, WTI crude futures for December delivery rose by $0.31, or over 0.45%, closing at $68.43 per barrel. Concerns about the international market demand prompted OPEC to lower its global oil demand growth forecasts for 2024 and 2025. This decision caused WTI oil prices to reach their lowest level in nearly two weeks earlier.

OPEC cited weak demand in regions such as the US and India as reasons for the revision. This marks the fourth consecutive downgrade in OPEC’s 2024 global oil demand growth projections. In contrast, the International Energy Agency (IEA) has a notably lower demand growth forecast than OPEC, with its latest report scheduled for release soon.

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