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Oil: Prices are down

12/11/2021
Categories: Raw materials

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Oil caught up with a monthly report from the Organization of the Petroleum Exporting Countries (OPEC) published on Thursday in mixed results.

Oil prices retreated on Friday, weighted by the latest OPEC data released the day before and pointing to weaker-than-expected demand growth for black gold in 2021. At around 10:35 GMT (11:35 CET), the price of Brent crude from the North Sea for January delivery was down 1.18% from Thursday's close at $81.89. In New York, a barrel of West Texas Intermediate (WTI) for the month of December lost 1.47% to 80.39 dollars.

OPEC revised down again Thursday its estimate of growth in global oil demand for this year, under the effect of the deceleration of the recovery in China and India in the third quarter. In its November monthly report, the cartel estimates that global oil demand will jump by 5.7 million barrels per day (mbd) for the whole of 2021, while it was expecting slightly higher annual growth. the preceding month.

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