On the early morning of the 15th Beijing time, the USA crude oil futures price fell by 2.3% on Monday. The Organization of the Petroleum Exporting Countries (OPEC) has lowered its crude oil demand outlook for 2024 for the third consecutive time, putting pressure on oil prices.
The futures price of West Texas Intermediate (WTI) crude oil for November delivery on the New York Mercantile Exchange fell by $1.73, a decrease of 2.29%, closing at $73.83 per barrel.
The futures price of Brent crude oil for December delivery on the Intercontinental Exchange Europe decreased by $1.58, a decrease of 2%, closing at $77.46 per barrel.
The Organization of the Petroleum Exporting Countries released a report on Monday, lowering the global crude oil demand growth for 2024 from a daily increase of 2 million barrels to 1.9 million barrels. This marks the third consecutive time the institution has revised down global crude oil demand expectations.
The institution also predicts that global crude oil demand will increase by 1.6 million barrels per day in 2025, lower than the 1.7 million barrels per day in the previous report.