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Oil Prices Dip as OPEC Slashes 2024 Demand Forecast, Ending Five-Day Surge

Oil prices fell on August 13, ending a five-day gain streak. OPEC's reduced 2024 demand forecast. Ongoing geopolitical tensions have kept crude oil prices between $82 & $85 per barrel.
Oil Prices Dip as OPEC Slashes 2024 Demand Forecast, Ending Five-Day Surge

On August 13, oil prices fell, breaking a five-day streak of gains. The decline followed a reduction in the 2024 demand growth forecast by the Organization of the Petroleum Exporting Countries (OPEC), driven by weaker expectations from China. 

On Monday, Brent crude had risen by over 3 percent, while US crude futures climbed more than 4 percent. The lowered global demand forecast by OPEC has created challenges for the broader OPEC+ group, which is considering increasing production from October.

At 0005 GMT, Brent crude futures dropped by 41 cents, or 0.5 percent, to $81.89 per barrel. US West Texas Intermediate crude futures also fell by 43 cents, or 0.5 percent, settling at $79.63 per barrel. 

Despite ongoing geopolitical tensions in the Middle East, crude oil prices have generally remained high in 2024. Prices had surged to $90 per barrel in April following an attack by Iran on Israel, but have since settled between $82 and $85 per barrel due to sluggish demand.

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