10/14, 8:37 AM (Source: TeleTrader)
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Oil declines as OPEC report fuels recovery worries

Crude prices decreased on Wednesday following a monthly report from the Organization of the Petroleum Exporting Countries (OPEC) that saw them settling "significantly lower" in September compared to August figures. However, the OPEC's forecast for global oil demand remained unchanged as the organization expects it to sink 9.5 million barrels per day to land at 90.3 million barrels per day in 2020.

When it comes to global economic recovery from the coronavirus crisis, the OPEC revised down its assessment of global economic growth for 2021 to 4.6%, while its forecast for this year remained at minus 4.1%.

West Texas Intermediate (WTI) for settlements in November slipped 0.62% at 6:20 am ET, selling for $39.95 per barrel, while Brent for December delivery decreased by 0.54% to go for $42.22 per barrel at 2:26 am ET.

Breaking the News / GA