Brent and the West Texas Intermediate (WTI) crude oil fell Tuesday evening, as the Organization of Petroleum Exporting Countries (OPEC) projected slow growth in demand for the commodity in 2023, IgbereTV reports
The brent crude oil, which is a global benchmark for internationally traded crude oil supplies, depreciated by -7.11%, falling below $100 per barrel, to trade at $99.49 after business hour.
Its counterpart in the United States, WTI, also reported a decline in price, dwindling by -0.20% to $95.65 per barrel, mirroring the brent crude oil movement in the global market.
Tuesday’s fall trailed comment from OPEC disclosing that demand for the brent oil would dip going into next year, with the oil cartel expecting demand to grow by 2.7 million barrel per day (bpd), below this year’s 3.36 million bpd.
Although, in its Monthly Oil Market Report (MOMR) published on Tuesday, OPEC forecast a record high of 103 million barrel per day in 2023, citing various reasons for the optimistic view.
