U.S. Crude Oil Futures Drop as OPEC Lowers Demand Forecast

  • 4 days ago
U.S. crude oil futures fell over 1% on Tuesday, giving up gains from the previous session as OPEC lowered its demand forecast for the second time in two months. The oil producers group expects 2024 demand to grow by 2 million barrels per day, lower than its earlier projection. OPEC forecasts growth of 1.7 million bpd next year, down from prior estimates. This follows OPEC’s August cut due to softening demand in China, the largest crude importer.

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