Crude oil dropped lower in early Asia on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) cut its 2022 global oil demand growth forecast for a fifth time since April, citing mounting economic challenges including high inflation and rising interest rates. Concerns about the demand outlook in China amid restrictive COVID-19 policy also contributed to putting pressure on prompt month prices, the agency said. Strength in the dollar also weighed down the commodity. WTI crude oil is currently quoting lower by 0.31% at $85.60 per barrel. Powered by Commodity Insights
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