Energy Preview: Oil Recovers As OPEC Raises Global Oil Demand Forecast

1 Nov 2022 , 08:40 AM

Crude oil sees some recovery in early Asia on Tuesday, following sharp decline of more than 1.5% in the previous session amid rising demand worries. Extensive COVID-19 curbs in China increased fears of slowing fuel demand in the worlds second-largest oil. However, oil regained strength as OPEC increased its outlook for global oil demand in the medium and longer term, the group said in its 2022 World Oil Outlook released on Monday. OPEC said in the report that global oil demand will increase to 103 million barrels per day next year?an increase of 2.7 million bpd from 2022 and an increase of 1.4 million bpd from what the group predicted for 2023 last year. WTI crude oil futures are currently quoting higher by 0.67% at $87.11 per barrel. Powered by Commodity Insights