Crude Oil Prices Drop Amidst OPEC's Demand Outlook Cut

The price of crude oil experienced a decline on Thursday, primarily driven by the Organization of the Petroleum Exporting Countries (OPEC) reducing its global demand outlook for the upcoming year. This revision has seemingly reignited concerns about the consumption of the commodity.

Additionally, the International Energy Agency (IEA) also adjusted its demand growth forecast for this year downwards to 840,000 barrels per day, marking a decrease from the previously projected figure of 920,000 barrels.

In the market, West Texas Intermediate (WTI) for January contracts fell by 1.34% to trade at $69.36 per barrel. Meanwhile, Brent for February settlements dropped by 1.06% to sell at $72.69 per barrel as of 10:05 am ET.