Oil falls on OPEC+ concerns over slow demand recovery | Reuters

Oil falls on OPEC+ concerns over slow demand recovery | Reuters

Oil prices fell on Wednesday on concerns about the market’s recovery after OPEC and its allies lowered their 2021 demand growth forecast, although strong Chinese factory activities lent some support.

Brent crude for May, which expires on Wednesday, fell 49 cents, or 0.76%, to $63.65 a barrel at 1322 GMT. The more active Brent contract for June was down 53 cents, or 0.83%, at $63.64 a barrel.

U.S. West Texas Intermediate (WTI) crude futures fell 45 cents, or 0.74%, to $60.10 a barrel.

OPEC+ has lowered its oil demand growth forecast for this year by 300,000 barrels per day (bpd), a report from its experts panel meeting seen by Reuters showed.

The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are set to meet on Thursday, to decide on output policy.