West Texas Intermediate (WTI) crude oil rose on Wednesday as China's decision on Monday to loosen monetary policy continues to support the commodity, while OPEC lowered its demand forecast for this year and next and a report showed a drop in U.S. inventories.
WTI crude for January delivery closed up US$1.70 to settle at US$70.29 per barrel, while February Brent crude was last seen up US$1.25 to US$73.44.
In its Monthly Oil Market Report released on Wednesday OPEC again lowered its demand-growth forecast for 2024 and 2025 demand. The cartel trimmed its outlook for this year by 210,000 barrels per day to 1.6-million bpd, while cutting its 2025 outlook by 90,000 bpd to to 1.4-million bpd. The report expects demand in developed countries to rise by just 100,000 bpd next year, with 1.3-million bpd of new demand coming from less developed economies.
Source: MT newswires
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