WTI crude slips below $80 after OPEC report

Oil drilling rigs

Oil prices declined on Wednesday, with WTI crude falling below $80-mark after the release of OPEC’s monthly oil report.

The Organization of the Petroleum Exporting Countries (OPEC) expects oil demand to grow by 5.82 million bpd, down from 5.96 million bpd in its previous forecast.

However, the oil producers group expects global demand for crude to exceed 100 million barrels per day (bpd) in 2022.

In terms of trading, the international benchmark Brent crude fell 1% to $82.56 per barrel, at 2.40 am Makkah time.

WTI crude was down 1% at $79.85 per barrel.