Oil prices continue to drop sharply on Thursday and have fallen to their lowest level since September 4. In the North American session on Thursday, West Texas Intermediate oil for October delivery is trading at $54.12, down 3.27% on the day. This follows a decline on Wednesday of 3.36%.
OPEC Lowers Estimate for Oil Demand
OPEC has lowered its forecast for global oil demand for the rest of 2019. The September report estimated worldwide consumption at 1.02 million barrels per day, compared to 1.82 million in the August report. This was a result of weak global growth in the first half and the expectation that economic conditions would remain weak for the remainder of 2019. This has provided downward pressure on oil prices.