Brent Crude Oil Futures13 Aug 2024 03:04
Brent crude oil futures fell to around $81.9 per barrel on Tuesday, ending a five-day winning streak, driven by renewed focus on demand concerns. On Monday, OPEC revised its 2024 global oil demand growth forecast downward to 2.11 million barrels per day, from the previous estimate of 2.25 million barrels per day, citing weaker data and a decline in Chinese demand. The 2025 world oil demand growth forecast was also revised lower, to 1.78 million barrels per day from 1.85 million barrels per day. Additionally, OPEC+ has extended its production cuts until September, with a gradual phase-out beginning in October. Meanwhile, markets continue to closely monitor the Middle East conflict, with an anticipated response from Iran against Israel believed to be imminent, raising concerns about regional oil supply.
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