7/12, 1:40 PM (Source: TeleTrader)
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Oil loses 4% after OPEC reports

Prices of crude oil futures continued to drop on Tuesday after OPEC said in its latest reports that the global demand growth will lose some steam and amount to 2.7 million barrels per day (bpd) in 2023 after hitting 3.4 million bpd in 2022.

Market players will monitor the Short-Term Energy Outlook report by the United States Energy Information Administration and the oil inventory figures that the American Petroleum Institute will release later in the day.

West Texas Intermediate (WTI) for deliveries in August dropped 4.46% to $99.45 per barrel at 7:24 am ET, while Brent for September settlements fell by 4.20%, selling for $102.62 per barrel at 7:26 am ET.

Baha Breaking News (BBN) / MS