Brent crude futures dropped 7 cents, or 0.1%, to $92.38 a barrel by 0310 GMT. U.S. West Texas Intermediate crude was down 21 cents at $87.06 a barrel, or 0.2%.
Last week, the producer group comprising the Organization of the Petroleum Exporting Countries and allies including Russia pushed prices higher when it agreed to cut supply by 2 million barrels per day .But OPEC on Wednesday cut its outlook for demand growth this year by between 460,000 bpd and 2.64 million bpd, citing the resurgence of China's COVID-19 containment measures and high inflation.
The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. It now sees just a 0.9% increase in U.S. consumption in 2023, down from a previous forecast for a rise of 1.7%.
Weird how quickly he price rises at the pump before the actual price of oil per barrel does. Price gauging by American oil companies AGAIN
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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