OPEC again cuts 2024, 2025 oil demand growth forecasts
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OPEC has reduced its forecast for global oil demand growth for 2024 and 2025, marking the fifth consecutive downward revision in its monthly report.
December 11, 2024 | 1:00 pm
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OPEC's reduction in oil demand growth forecasts for 2024 and 2025 could negatively impact the United States Brent Oil Fund (BNO), as it may lead to lower oil prices.
The United States Brent Oil Fund (BNO) is directly tied to the price of Brent crude oil. OPEC's downward revision of oil demand growth forecasts suggests potential oversupply or weaker demand, which could lead to lower oil prices. This would likely negatively impact BNO's performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80