Markets move
Crude futures fell Brent Six cents, or 0.08 percent, to $72.22 a barrel by 0133 GMT. US West Texas Intermediate crude futures also fell 13 cents, or 0.19 percent, to $68.30.
And it was raised US Energy Information Administration Its production expectations American oil Slightly to 13.23 million barrels per day on average this year, or 300,000 barrels per day more than the record level recorded last year, which reached 12.93 million barrels per day, and also higher than the level of 13.22 million barrels per day that I expected earlier.
The administration also raised its forecast for global oil production in 2024 to 102.6 million barrels per day, compared to 102.5 million barrels per day in its previous forecast.
This comes after the Organization of the Petroleum Exporting Countries (OPEC) reducedOPECOn Tuesday, it renewed its forecast for the growth of global oil demand to 1.82 million barrels per day in 2024, down from the 1.93 million barrels per day it expected last month, due to weak demand in China, India and other regions, which pushed oil prices to their lowest levels in about two weeks.
Market participants are now awaiting the International Energy Agency’s oil market report, scheduled for release later today, and information management data Energy US about inventories of crude oil and petroleum products to get more indicators.
“The weak outlook for demand in China continues to weigh on sentiment. The strength of the dollar is also creating strong headwinds for commodities,” ANZ Research said in a note, according to Reuters.
And rose Dollar To the highest level in about seven months against major currencies yesterday, Wednesday, after data showed that… Inflation In the United States rose in October in line with expectations, which means that the Fed Federal The US Central Bank will continue to lower interest rates.
A strong dollar usually makes the prices of commodities denominated in it more expensive for buyers in other currencies.
