On August 13, oil prices fell, breaking a five-day streak of gains. The decline followed a reduction in the 2024 demand growth forecast by the Organization of the Petroleum Exporting Countries (OPEC), driven by weaker expectations from China.
On Monday, Brent crude had risen by over 3 percent, while US crude futures climbed more than 4 percent. The lowered global demand forecast by OPEC has created challenges for the broader OPEC+ group, which is considering increasing production from October.
At 0005 GMT, Brent crude futures dropped by 41 cents, or 0.5 percent, to $81.89 per barrel. US West Texas Intermediate crude futures also fell by 43 cents, or 0.5 percent, settling at $79.63 per barrel.
Despite ongoing geopolitical tensions in the Middle East, crude oil prices have generally remained high in 2024. Prices had surged to $90 per barrel in April following an attack by Iran on Israel, but have since settled between $82 and $85 per barrel due to sluggish demand.
