Petroleum prices made their way downward late Wednesday morning, on concerns about the market’s recovery after the Organization of the Petroleum Exporting Countries and its allies lowered its 2021 demand growth forecast, although strong Chinese factory activities lent some support.
Brent crude for May, which expires on Wednesday, fell 32 cents, or 0.5%, to $63.82 U.S. a barrel. The more active Brent contract for June was down 30 cents, or 0.5%, at $63.87 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell 28 cents, or 0.5%, to $60.27 a barrel.
OPEC+ has lowered its oil demand growth forecast for this year by 300,000 barrels per day (bpd), a report from its experts panel meeting seen by Reuters showed.
The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are set to meet on Thursday, to decide on output policy.
OPEC+ are currently curbing output by just over seven million bpd in a bid to support prices and reduce oversupply. Saudi Arabia has added to those cuts with an additional one million bpd.
