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Oil Prices Rise As Traders Brush Off OPEC Demand Warnings

Oil

Crude oil closed lower on Thursday after an OPEC report raised concerns about summer demand, encouraging traders to book profits after the market failed to follow through to the upside following Wednesday’s big gain.

US benchmark West Texas Intermediate futures gained 2% on Wednesday, while testing its highest level in more than a month. This move was fueled by cooling US inflation that raised hopes that the US Federal Reserve will stop raising interest rates. The upside momentum came to an abrupt halt, however, when OPEC flagged downside risks to summer oil demand in a monthly report.

Despite Thursday's declines, the OPEC+ decision to trim production has pushed WTI futures up nearly 8% so far this month, and it continues to raise expectations of potential future tightness in the oil markets.

Signs of demand recovery in China, the top importer of crude oil and products, provided more support for oil prices. Additionally, although crude inventories rose, traders shrugged off the small build in US crude oil stocks.

OPEC Warns of Downside Risks to Summer Oil Demand

OPEC has warned of downside risks to summer oil demand due to rising inventories and global economic challenges, in the backdrop of output cuts announced earlier this month by OPEC+ producers that have led to a rise in oil prices.

OPEC maintained its forecast that oil demand will rise in 2023, despite the monthly oil report citing high inflation, monetary tightening, stability of…





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EXXON Mobil -0.35
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