FX.co ★ Oil prices fall as OPEC forecasts lower global demand

Oil prices traded lower after the Organization of Petroleum Exporting countries lowered its outlook for global oil demand for 2019.

West Texas Intermediate crude futures fell by 0.47% to $67.31 a barrel, while Brent crude futures edged down 0.05% to $72.77 a barrel.

In its monthly report, OPEC lowered its forecast for 2019 global oil demand by 20,000 bpd to 1.43 million bpd. At the same time, it projected an increase in non-OPEC oil supply by 30,000 bpd to 2.13 million bpd.

Saudi Arabia, the leading OPEC exporter, had cut oil production to prevent a supply glut.

A resurgence in US shale oil production sparked concerns over growing global output. Thus, the US rig count rose by 10 to 869 last week to mark the highest level since March 2015, Baker Hughes’ data showed.

Meanwhile, NYMEX-traded gasoline futures slid by 0.66% to $2.0260 a gallon, with heating oil up 0.09% to $2.1417 a gallon.

Natural gas futures lost 0.17% to $2.939 per million British thermal units (BTU).