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9/14, 6:57 PM (Source: TeleTrader)
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Oil declines after OPEC cuts demand outlook

Crude prices fell on Monday after the Organization of the Petroleum Exporting Countries (OPEC) cut its oil demand outlook for 2020 and 2021.

In its monthly report, OPEC noted it expects oil demand to drop by 9.5 million barrels per day to an average of 90.2 million bpd this year and to grow by 6.6 million bpd next year, which is 400,000 bpd lower than the organization forecast the previous month.

International benchmark Brent for settlements in November slid 0.88% to sell for $39.48 per barrel at 12:44 pm ET and West Texas Intermediate (WTI) for October delivery lost 0.75% to go for $37.05 per barrel at the same time.

Breaking the News / NP