5/12, 3:07 PM (Source: TeleTrader)
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Oil loses 1.5% as demand forecasts slip

Prices of crude oil futures slid over 1.5% on Thursday after both the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) revised down their projections on the future demand for crude.

The cartel also saw the world's economic growth in 2022 as slowing down compared to what it has previously envisaged, seemingly putting an additional dent into the sentiment among traders.

West Texas Intermediate for June settlements dropped 1.34% at 8:55 am ET, selling for $104.29 per barrel, while Brent for deliveries in July dove 1.7% a minute later, going for $105.68 per barrel.

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