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OPEC predicted robust fuel use in the summer months on Thursday and stuck to its forecast for relatively strong growth in global oil demand in 2024, highlighting an unusually large gap between predictions of oil demand strength.
West Texas Intermediate oil for delivery in January fell 4.1 percent to finish at $69.38 a barrel. The drop came as markets eyed signs of weakening demand amid skepticism that the OPEC + coalition's efforts will meaningfully restrain supply.
Asian stock markets started the last month of the year on a cautious note after recent strong gains, though growing expectations Europe and the US are poised to cut rates should help ease pressure on local currencies and central banks.
Oil extended losses Thursday after OPEC announced the shock delay of a key policy meeting, suggesting fresh upheaval in the bloc, while equities struggled after two US reports dented recent euphoria over the future of interest rates.
The World Bank's latest Commodity Markets Outlook report noted that oil prices have risen only about 6% since the start of the Israel-Hamas war, while prices of agricultural commodities, most metals and other commodities "have barely budged."
