Oil deepens losses after OPEC cuts demand forecast

Oil drilling rigs

Oil prices deepened losses today, Oct. 14, after the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global demand growth this year and in 2025, and as markets assessed the recovery of the world's second-largest economy.

Brent crude futures for December delivery fell 2%, or $1.58, to close $77.46 a barrel.

WTI crude futures for November delivery dropped 2.3%, or $1.73, to $73.83 a barrel.

In its monthly report, OPEC said it expects global oil demand of 104.14 million barrels per day in 2024, down from 104.24 million in September. The demand for 2025 is expected to reach 105.78 million, down from 105.99 million barrels per day.

According to data from the General Administration of Customs, China imported 45.5 million tonnes of crude oil, or 11.1 million barrels per day, in September, down 7.4 percent month-on-month.