(상보) International Oil Costs Fall on OPEC Demand Outlook Maintain Report…WTI 1.4%↓

▲ A pump jack drills crude oil in the Yates oil field in Texas, US, on March 17, during the past 12 months. Texas (USA)/Reuters Yonhap News

International oil costs fell on the 14th (natal time). A report released by the Organization of the Petroleum Exporting Countries (OPEC) supporting crude oil demand forecast earlier pushed up oil costs.

On the New York Mercantile Exchange (NYMEX), June US West Texas Intermediate (WTI) crude oil closed at $78.02 a barrel, down $1.10 (1.4%) from the previous buying and selling day . On the ICE Exchange in London, July Brent crude fell $0.98 (1.2%) to $82.38 a barrel. As a result, WTI and Brent each hit their lowest range in 9 weeks since March 12.

OPEC maintained its forecast for crude oil demand growth in 2024 at 2.2 million barrels per day (mbd). The demand development forecast in 2025 was additionally maintained at 1.85 million barrels per day compared to the previous 12 months. Crude supply from international oil-producing locations other than OPEC Plus, led by Russia, was anticipated to expand by 1.2 million barrels in 2024. The forecast for supply growth in 2025 was additionally maintained at 1.1 million barrels.

“Oil costs fell due to OPEC’s monthly ‘flat’ report and worsening uncertainty about the evolution of US interest rates,” said Seimer Hasson, analyst at online buying and selling platform XS.com. “It was nothing new,” he said.

“They seem to want to keep all options on the table as they consider whether or not to increase output cuts that expire next month before the OPEC meeting on June 1,” said Commerzbank analyst Barbara Lambrecht.

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