Oil falls over 1% after US inflation data, OPEC report

14/02/2023 Argaam

Oil falls over 1% after US inflation data, OPEC report

Oil drilling rigs

Oil prices closed lower today, Feb. 14, after latest data on US inflation and amid supply outlook.

 

OPEC raised its estimates on global oil demand growth this year to 2.32 barrels per day (bpd), an increase of 100,000 barrels per day over last month.

 

OPEC production decreased during in January by 49,000 bpd to reach 28.88 million bpd.

 

Meanwhile, US data showed that annual inflation slowed less than expected during the past month, threatening more rate hikes by the Federal Reserve.

 

Oil prices were also affected by the US plan to sell 26 million barrels of strategic crude reserves.

 

Brent crude futures for April delivery fell 1.2%, or $1.03, to close at $85.58 a barrel.

 

WTI crude for March delivery decreased by 1.4%, or $1.08, to reach $79.06 per barrel.

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