Oil - Prices drop 2% as OPEC lowers demand forecast, China’s imports weaken

Oil - Prices drop 2% as OPEC lowers demand forecast, China’s imports weaken Brent oil prices fell 2% to USD 77.46 per barrel Monday after OPEC cut its 2024 demand growth forecast for the third month in a row. OPEC now expects growth of 1.93 mn bpd, down from 2.03 mn bpd, mainly due to reduced demand from China. China’s imports fell nearly 3% this year, and recent stimulus efforts have done little to boost confidence amid economic and deflationary pressures. (Source : Reuters)