Oil drops after OPEC predicts weaker demand but U.S. inventory data limits decline - Reuters:
Crude oil prices fell on Thursday after OPEC said it expected demand to drop more than expected, although data showing a decline in U.S. inventories lent support.
Brent crude LCOc1 was down 26 cents or 0.6% at $45.17 a barrel by 0647 GMT, after a gain of around 2% in the previous session. West Texas Intermediate CLc1 oil also lost 0.6%, a 25 cent decline to $42.42 a barrel which followed a climb of 2.6% on Wednesday.
The Organization of the Petroleum Exporting Countries said in a monthly report that world oil demand will fall by 9.06 million barrels per day this year, more than the 8.95 million bpd decline expected a month ago.
“OPEC released a bearish monthly forecast which indicated that world oil demand will fall more steeply in 2020 than previously forecasted due to the coronavirus and there are doubts about next year’s recovery,” said Avtar Sandu, senior manager commodities at Phillip Futures.
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