Oil prices drop as markets await demand forecastsDeltafx Admin 16 January 2023
After a sharp rally last week, Oil prices fell Monday as traders turned cautious ahead of this week’s OPEC and the IEA forecasts and numerous economic reports.
As a result of country reopening its borders and essentially abandoning its strict zero-COVID policy, oil prices rose over 8% last week.
The main focus is now on the monthly report of the Organization of Petroleum Exporting Countries (OPEC), which will be released on Tuesday. Markets are waiting to see if the cartel will change its forecasts for global demand in light of China’s economic recovery.