Oil closes over 2% lower

Oil prices deepened losses today, Feb. 12, after OPEC maintained its forecast for global oil demand growth this year and as investors assessed US inventory data that showed a decline in demand last week. Brent crude futures for April delivery dropped 2.35%, or $1.82, to close at $75.18 a barrel. WTI crude futures for March delivery fell 2.65%, or $1.95, to $71.37 a barrel. In its monthly report, OPEC said global oil demand would rise by 1.45 million barrels per day this year and by about 1.43 million barrels per day next year.

The Energy Information Administration data revealed that US crude inventories rose by 4.1 million barrels during the week ended Feb. 7, with oil production increasing by about 16,000 barrels to 13.49 million barrels per day.

The administration's weekly report showed that demand for oil – measured by finished products supplied to the market – decreased by about 1.45 million barrels to 19.6 million barrels per day.