LONDON (IT BOLTWISE) – Oil prices have fallen sharply despite positive demand forecasts from OPEC. Experts warn of a possible oversupply, which could further weigh on the market. The price of Brent oil fell by $1.49, while WTI fell by $1.52.
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Recent developments in the oil market have led to a significant decline in prices, despite OPEC releasing optimistic demand forecasts. The price of a barrel of North Sea Brent fell by $1.49 to $63.67, while the price of US WTI fell by $1.52 to $59.52. These price movements reflect the uncertainties that exist despite positive demand forecasts.
OPEC has forecast daily demand growth of 1.4 million barrels next year, higher than this year’s gain of 1.3 million barrels per day. However, these forecasts failed to stabilize market sentiment as many investors fear oversupply that could put further pressure on prices.
Analysts at Standard Chartered have pointed out that market sentiment remains mostly bearish. The possibility of a further price decline cannot be ruled out as expectations of oversupply weigh on the market. These estimates revise the previous day’s gains, when Brent oil rose by over a dollar a barrel.
The hope of an end to the regulatory standstill in the USA had previously led to increased demand for oil. The US House of Representatives is currently deliberating on an interim budget, the adoption and signature of which by President Donald Trump would seal the end of the longest government blockade. These political developments could also have an impact on future price developments.
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