West Texas Intermediate (WTI) crude oil prices dipped to near $68.00 in early Wednesday trading, pressured by a combination of OPEC’s lowered demand growth forecast, a strong US Dollar, and concerns over China’s economic outlook.
OPEC revised its 2024 global oil demand growth projection downward to 1.82 million barrels per day (bpd) from last month’s 1.93 million bpd estimate, marking its fourth consecutive cut. China’s recent 10 trillion yuan stimulus plan has failed to quell fears of reduced oil consumption, further weighing on crude prices.
The rising US Dollar Index (DXY), now at six-month highs above 106.00, adds to the bearish sentiment, making oil prices more expensive for buyers using other currencies. Traders are now focused on US CPI inflation data due Wednesday, which could shift the Greenback and influence oil prices. A softer-than-expected inflation report may ease WTI’s decline.
https://www.fxstreet.com/news/wti-drops-to-near-6800-as-opec-cuts-demand-view-202411122359


