Global oil prices on November 12 morning declined after OPEC in its report downgraded the forecast for global demand for crude for 2021, according to trading data, Report informs citing Prime agency.
January futures for Brent crude fell 0.76% to $82.24 per barrel, while December futures for WTI oil fell 0.69% to $81.03 per barrel.
Oil fell in price in early Asian trading after OPEC lowered its forecast for oil demand for the current year, the Wall Street Journal quoted ING analysts as saying.
OPEC released its monthly forecast on November 11. In the document, the organization downgraded the forecast for global oil demand for 2021, now it expects its growth by 5.7 million barrels per day instead of 5.8 million barrels a month earlier. The growth forecast for 2022 was kept at around 4.2 million barrels per day.
Some strengthening of the US dollar also negatively affects oil prices. The US dollar index (the dollar exchange rate against a basket of currencies of six countries - the main trading partners of the US) is growing for the third day in a row, since the beginning of the week the indicator has grown by 1%. The rise in oil prices makes commodities, including oil, less available when purchased in other currencies.
On November 12 night, US oil and gas services Baker Hughes Company will release its weekly statistics on operating oil rigs in the US. During the previous working week, their number increased by six, to 450 units.