Reduced oil demand causes oil prices to decrease

Oil prices fell on Thursday due to unclear demand and a bleaker macroeconomic forecast.

Brent crude futures fell 65 cents to $85.16 a barrel, while West Texas Intermediate fell 75 cents to $83.47.

The OPEC+ panel meeting, led by Russia, did not revise the group’s oil output policy, with Saudi Arabia continuing with a voluntary cut until 2023 and Russia keeping a 300,000 bpd voluntary export cap until December.

The market is expected to remain in deficit through the fourth quarter, with softer prices reducing the probability of OPEC easing supply constraints.


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