U.S. Crude Oil Futures Drop as OPEC Lowers Demand Forecast

Benzinga

U.S. crude oil futures fell over 1% on Tuesday, giving up gains from the previous session as OPEC lowered its demand forecast for the second time in two months. The oil producers group expects 2024 demand to grow by 2 million barrels per day, lower than its earlier projection. OPEC forecasts growth of 1.7 million bpd next year, down from prior estimates. This follows OPEC’s August cut due to softening demand in China, the largest crude importer.

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00:00It's Benzinga, and here's what's on the block.

00:02U.S. crude oil futures fell over 1% on Tuesday, giving up gains from the previous session

00:07as OPEC lowered its demand forecast for the second time in two months.

00:11The oil producers group now expects 2024 demand to grow by 2 million barrels per day, lower

00:16than its earlier projection.

00:18OPEC forecasts growth of 1.7 million barrels per day next year, down from prior estimates.

00:24This follows OPEC's August cut due to softening demand in China, the largest crude importer.

00:28For all things money, visit Benzinga.com.

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