Oil Prices Drop Following OPEC's Forecast

Oil prices fell on Monday evening following the release of OPEC's monthly forecasts, reports Интерфакс.

Brent crude's January futures declined by $1.81 (1.89%) to $94.18 per barrel on the London ICE Futures exchange as of 19:57 Moscow time.

WTI's December futures contracts on the New York Mercantile Exchange (NYMEX) saw a drop of $2.24 (2.42%), reaching $86.72 per barrel at the same time.

OPEC has reduced its oil demand estimate for 2022 by 100,000 barrels per day to 99.57 million barrels/day, and the demand estimate for 2023 has also been cut by 100,000 barrels per day to 101.82 million barrels/day, according to the organization's monthly report.