WASHINGTON (dpa-AFX) - Oil prices fell sharply on Thursday after producer group OPEC said it expects global oil demand to rise at a slower pace than 2022 in 2023 due to high prices and risks such as inflation.
Benchmark Brent crude futures fell 2.2 percent to $97.34 a barrel, while WTI crude futures were down 2.80 percent at $93.60.
The downward trend comes ahead of the historic visit of U.S. President Joe Biden to Saudi Arabia, the world's biggest crude oil exporter.
Biden will lobby for increased oil production to bring down oil prices while still punishing Vladimir Putin.
Traders also weighed tight supplies against the prospect of a large U.S. rate hike, which could possible reduce crude demand.
Overnight, the Monetary Authority of Singapore and the Bangko Sentral ng Pilipinas surprised markets by tightening monetary policy in off cycle moves.
Wednesday's crude supply data from the U.S. Energy Information Administration showed crude inventories rose by 3.254 million barrels in the week ended July 8, against expectations for a drop of 154,000 barrels.
Gasoline stockpiles rose by 5.825 million barrels last week, while forecasts were for a drop of 357,000 barrels. Meanwhile, distillate stockpiles increased 2.668 million barrels, against forecast for a rise of 1.591 million barrels.
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