Oil prices deepen their losses and fall by more than 1.5%, and OPEC is optimistic about global demand for oil
Oil prices fell by more than 1.5% today, Thursday, and Brent crude futures fell 1.05, or 1.62%, to $63.86 per barrel by 06:51 GMT, while US West Texas Intermediate crude fell 97 cents, or 1.58%, to 60.60.
Bloomberg News reported that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the bloc known as OPEC+, are discussing the possibility of another large increase in production for the third month in a row in July during their meeting scheduled for June 1.
Meanwhile, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, indicated the organization’s optimistic expectations regarding global demand for oil, despite recent economic developments.
He pointed to expectations that the global economy will grow by 2.9% in 2025 and 3.1% next year.
