Oil prices fall as OPEC cuts demand forecast, awaiting economic data

From Investing.com: 2024-08-12 22:25:23

Oil prices fell in Asian trade as OPEC cuts its 2024 demand growth forecast. Prices had rebounded due to Iran-Israel tensions, but concerns over weak demand persist. fell to $81.94 while dropped to $77.98. OPEC’s lower forecast raises doubts over production cuts.

Economic data awaited for cues on growth and interest rates. U.S. inflation data due Wednesday will impact Fed rate expectations. and data also awaited. China’s and readings will offer insight into global demand. Traders are watching for clues on the world’s biggest crude importer.



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