Global oil prices fall amid lower demand concerns

1 min read
Global oil prices fall amid lower demand concerns

Global oil prices fall amid lower demand concerns

Brent price declines on Wednesday after surpassing $80 per barrel following OPEC+ Tuesday meeting

Global oil prices fell on Wednesday as US gasoline stockpiles showed an increase of 7.1 million barrels for the week of Dec. 31, according to the American Petroleum Institute on Tuesday.

The rise in stockpiles signaled a drop in demand in the US. Investors are now looking to crude oil supply data from the US Energy Information Administration due later in the day.

International benchmark Brent crude was trading at $79.94 per barrel at 0615 GMT, down 0.08% from the previous session’s close of $80.

The American benchmark West Texas Intermediate (WTI) was at $76.92 per barrel at the same time for a 0.09% loss from the previous session’s trade closure of $76.99 per barrel.

Brent had surpassed the $80 per barrel threshold by the time the 23-members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, ended their meeting on Tuesday.

OPEC+ decided to extend the current plan to increase output by 400,000 barrels per day (bpd) through February.

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