Oil Prices Dip as OPEC Revises Demand Growth Forecast for 2024

Tuesday, 13 August 2024, 00:45

Oil prices fell on Tuesday, marking the end of a five-day increase, as market focus shifted to concerns over demand. This shift follows OPEC's recent cut in its demand growth forecast for 2024, particularly driven by weaker expectations from China. Despite significant gains earlier in the week for both Brent and U.S. crude futures, the new data has raised flags regarding future production levels within OPEC+. In conclusion, the market will likely continue to monitor these developments closely as they could have broader implications for global oil supply and pricing.

Yahoo Finance — Oil Prices Dip as OPEC Revises Demand Growth Forecast for 2024

Oil Prices Decline

Oil prices edged lower on Tuesday, breaking a five-day streak of gains.

Market Focus Shift

Concerns about demand have resurfaced after OPEC cut its forecast for demand growth in 2024 due to weaker expectations from China.

Brent crude had gained more than 3% on Monday.
U.S. crude futures had risen more than 4%.

OPEC's Dilemma

The OPEC global demand forecast reduction highlights the dilemma faced by the wider OPEC+ group in raising production from October.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Oil Prices Decline

Market Focus Shift

OPEC's Dilemma

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