Oil closes 3% lower, Brent slips below $94

Oil prices closed lower today, Nov. 14, following the release of the OPEC monthly report and amid the uncertainty on interest rates in the United States.

The Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth for the fifth time this year, due to escalating economic challenges.

The group expects global demand for oil to grow by 2.55 million barrels per day this year, down 100,000 barrels from the previous estimates.

It also reduced its forecast for demand growth next year to 2.22 million barrels per day.

Meanwhile, US Federal Reserve Governor Christopher Waller has said it would take a string of soft reports for the bank to take its foot off the brakes on interest rate hikes, which have been driving up the dollar and depressing prices of commodities priced in the greenback, Reuters reported.

Brent crude recorded a decline of 3%, or $2.85, to close at $93.14 a barrel. WTI crude fell 3.5%, or $3.09, to reach $85.87 a barrel.