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Commodities

Oil Prices Retreat as Demand Concerns Resurface

Guavy AI Editorial Team
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Oil
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Oil prices retreated on Tuesday, ending a five-day winning streak, as concerns about demand resurfaced after OPEC cut its forecast for demand growth in 2024.

The global benchmark Brent crude futures fell by 57 cents, or 0.7 percent, to $81.73 a barrel at 09:30 a.m. Saudi time. US West Texas Intermediate crude futures slipped to $79.58 a barrel, down 48 cents, or 0.6 percent.

The OPEC's global demand forecast reduction for 2024 was the first since July 2023 and highlighted the dilemma faced by the wider OPEC+ group in raising production from October.

'Demand concerns for crude oil remain on the table,' said Yeap Jun Rong, market strategist at IG. Any reflection of higher economic risks could weigh on oil prices, especially with the OPEC+ cut to their 2024 demand forecast and potential roll back on production cuts starting October.

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