Oil prices were lower today on concerns about a global economic slowdown. US business activity contracted in January for the 7th straight month. The U.S. economy “still could roll over and some energy traders are still skeptical on how quickly China’s crude demand will bounce back this quarter,” OANDA analyst Edward Moya said in a note. An OPEC+ panel is expected to endorse the producers’ group’s current oil production policy. Nevertheless, JP Morgan is maintaining its price forecast of $90 on average for Brent in 2023. WTI traded down $1.49 or -1.8% to close at $80.13. Brent traded down $2.06 or -2.3% to close at $86.13.