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Oil prices fell sharply on Monday after the OPEC reduced crude demand forecasts, while Covid-19 cases in China skyrocketed.
the barrel of Brent from the North Sea for delivery in January lost 2.96% at $93.14 in London.
While the West Texas Intermediate (WTI) for December yielded 3.47% at $85.87 in New York.
“This weakness is due to the reduction in demand forecasts by OPEC and nervousness over the continuation of an offensive stance by the Federal Reserve (FED)” on interest rates, Edward Moya, of oanda.
The Organization of Petroleum Exporting Countries (OPEC) continues to forecast a significant increase in demand in 2023, as in 2022, but in both cases it reduced its estimates by 100,000 barrels per day.
The cartel had already reduced its forecasts several times, the last one in October.
OPEC noted that this adjustment is attributable in particular to sanitary restrictions in China.
China’s National Health Commission (NHC) reported on Monday 14,409 cases of coronavirusan unprecedented level since April.
The main focus is in the province of Guangdong and its capital, Guangzhu, the fourth largest city in China and subject to restrictions for several days.
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