Oil prices were lower today as an OPEC report stoked summer demand worries and led traders to take profits. OPEC flagged downside risks to summer oil demand highlighting rising inventories and challenges to global growth. This report shed some light on the reasons behind the surprise production cuts starting this month. Despite the report, OPEC kept its forecast for global oil demand growth for 2023 unchanged. “Generally I would say we saw builds in oil inventories this week in those countries which publish stocks data, so maybe that is what has been a realization that the market hasn’t shifted into a deficit,” UBS analyst Giovanni Staunovo said. The dollar has continued to trade down and is at its weakest in years versus the euro which is bullish for oil prices. WTI traded down $1.10 or -1.3% to close at $82.16. Brent fell $1.24 or -1.4% to close at $86.09.<\/p>\n\n\n\n
Oil prices were lower today as an OPEC report stoked summer demand worries and led traders to take profits. <\/p>\n","protected":false},"author":2,"featured_media":8776,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n