![[상보] International oil costs fall on OPEC demand outlook upkeep report…WTI 1.4%↓](https://img.etoday.co.kr/pto_db/2024/04/20240402070401_2007229_1200_800.jpg "[상보] International oil costs fall on OPEC demand outlook upkeep report…WTI 1.4%↓")
▲A pump jack is drilling crude oil on the Yates oil area in Texas, USA, on March 17 final 12 months. Texas (USA)/Reuters Yonhap News
International oil costs fell on the 14th (native time). A report launched by the Petroleum Exporting Countries (OPEC) sustaining the crude oil demand forecast as earlier than has pushed down oil costs.
On the New York Mercantile Exchange (NYMEX), June U.S. West Texas Intermediate (WTI) crude oil closed at $78.02 per barrel, down $1.10 (1.4%) from the earlier buying and selling day. On the London ICE Futures Exchange, July Brent crude oil fell $0.98 (1.2%) to $82.38 per barrel. As a consequence, each WTI and Brent crude oil hit their lowest ranges in 9 weeks since March 12.
OPEC maintained its forecast for crude oil demand development in 2024 at 2.2 million barrels per day (mbd). The forecast for demand development in 2025 was additionally maintained at 1.85 million barrels per day in comparison with the earlier 12 months. Crude oil provide from oil-producing international locations aside from OPEC Plus, led by Russia, was anticipated to extend by 1.2 million barrels in 2024. The forecast for provide enhance in 2025 was additionally maintained at 1.1 million barrels.
“Oil costs fell attributable to OPEC’s ‘flat’ month-to-month report and worsening uncertainty concerning the path of U.S. rates of interest,” stated Seimer Hasson, an analyst at on-line buying and selling platform XS.com. “There was nothing new about it,” he stated.
“They appear to wish to preserve all choices on the desk as they contemplate whether or not to increase manufacturing cuts that expire subsequent month forward of the OPEC assembly on June 1,” stated Commerzbank analyst Barbara Lambrecht.