Oil prices fell today, Tuesday, for the second consecutive day in light of fears of the slowdown in global demand for crude after the OPEC Organization of OPEC reduced its expectations for demand in 2022 and 2023.
By 09:42 Moscow time, American crude futures “West Texas Intermediate” fell 0. 76% to $ 85. 22 a barrel.
While Brent crude futures decreased by 0. 45% to $ 92. 72 a barrel, according to Bloomberg website data.
OPEC has reduced its expectations for the growth of global oil demand during the year 2022 by 100 thousand barrels per day, to 2. 5 million barrels per day, and in the same amount during the year 2023, to reach 2. 2 million barrels per day.
The organization attributed the reason for reducing expectations to the China Safar Kofid policy, geopolitical developments, and low economic activities.
Source: RT + Bloomberg.
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