Singapore: The price of oil experienced a slight decline in early trading on Thursday, attributed to concerns regarding increased global production and sluggish demand growth, with the strengthening of the US dollar further contributing to these declines.
Brent crude futures saw a decrease of 6 cents, or 0.08%, reaching $72.22 per barrel.
Similarly, US West Texas Intermediate crude (WTI) futures saw a drop of 13 cents, or 0.19%, to $68.30 per barrel.
On the same day, the Organization of the Petroleum Exporting Countries (OPEC) revised its forecast for global oil demand growth in 2024 to 1.82 million barrels per day, a reduction from the previous forecast of 1.93 million barrels per day made in the previous month, attributed to diminished demand in China, India, and other regions, leading to a significant drop in oil prices, the lowest observed in nearly two weeks.
Concurrently, the US Energy Information Administration has marginally increased its projection for US oil production to an average of 13.23 million barrels per day this year, marking a 300,000 barrel per day increase compared to last year's record high of 12.93 million barrels per day, and a slight increase from the previously forecasted 13.22 million barrels per day.
