Energy Preview: WTI Crude Oil Edges Lower In Asia

12 Aug 2022 , 08:51 AM

Oil prices eased in early Asia on Friday as OPEC cut its forecast for growth in world oil demand in 2022 in contrast to a raise in forecast by IEA in its monthly report. The Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for growth in world oil demand in 2022 by 260,000 barrels per day (bpd). It now expects demand to rise by 3.1 million bpd this year. Oil climbed more than 2% in the previous session after IEA raised its forecast for demand growth, to 2.1 million bpd, due to gas-to-oil switching in power generation as a result of soaring gas prices. WTI crude oil prices are currently down by half a percent at $93.84 per barrel. Powered by Commodity Insights