KONTAN.CO.ID - LONDON. Oil prices dropped to $82 a barrel on Thursday, extending sharp falls triggered by concerns over rising U.S. inflation while OPEC cut its 2021 oil demand forecast due to high energy prices. Brent crude futures lost 52 cents, or 0.63%, to $82.12 a barrel by 1343 GMT after rising to $83.37 in morning trade. U.S. West Texas Intermediate (WTI) futures were down 83 cents, or 1%, at $80.51. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report it expects oil demand to average 99.49 million barrels per day (bpd) in the fourth quarter of 2021, down 330,000 bpd from last month's forecast. The group however stuck to its prediction of robust growth to above pre-pandemic rates in 2022.
Oil extends losses triggered by U.S. inflation fears
KONTAN.CO.ID - LONDON. Oil prices dropped to $82 a barrel on Thursday, extending sharp falls triggered by concerns over rising U.S. inflation while OPEC cut its 2021 oil demand forecast due to high energy prices. Brent crude futures lost 52 cents, or 0.63%, to $82.12 a barrel by 1343 GMT after rising to $83.37 in morning trade. U.S. West Texas Intermediate (WTI) futures were down 83 cents, or 1%, at $80.51. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report it expects oil demand to average 99.49 million barrels per day (bpd) in the fourth quarter of 2021, down 330,000 bpd from last month's forecast. The group however stuck to its prediction of robust growth to above pre-pandemic rates in 2022.