Thursday 14 / November / 2024
Singapore: Oil prices slipped in early trade on Thursday, weighed down by worries of higher global production amid slow demand growth, with a firmer dollar exacerbating the declines.
Brent crude futures fell 6 cents, or 0.08%, to $72.22 a barrel.
US West Texas Intermediate crude (WTI) futures declined 13 cents, or 0.19%, to $68.30.
On Tuesday, the Organisation of the Petroleum Exporting Countries cut its global oil demand growth forecast to 1.82 million bpd in 2024, down from 1.93 million bpd forecast last month, on weak demand in China, India and other regions, sending oil prices to their lowest in nearly two weeks.
Meanwhile, the US Energy Information Administration has slightly raised its expectation of US oil output to an average 13.23 million barrels per day this year, or 300,000 bpd higher than last year's record 12.93 million bpd, and up from 13.22 million bpd forecast earlier.
