Oil prices for future contracts continued to plummet on Tuesday to reach the December 2022 low amid growing demand concerns.
The Organization of the Petroleum Exporting Countries (OPEC) today came out with a report estimating that global oil demand will reach an average of 101.9 million barrels per day (bpd) in 2023, slightly revising the figures for Europe and Americas down, while raising the forecast for China.
Brent for May delivery dropped 3.80% to sell at $77.42 per barrel at 2:29 pm ET. West Texas Intermediate (WTI) for settlements in April plunged 4.50% to $71.32 per barrel.
