OPEC says recent drop in oil prices caused by "exaggerated concerns" about demand growth

<ul><li>2024 world oil demand growth maintained at 2.25 mil bpd</li><li>Remains cautiously optimistic about fundamental factors affecting oil market dynamics next year</li><li>Prices saw a significant downturn, marked by heavy selloffs amid highly volatile futures market</li><li>That is fueled by exaggerated concerns about oil demand growth</li></ul><p>Back to the usual "price goes up because of fundamentals but price goes down because of speculation". WTI crude is barely hanging on so far this week with price seen around $68.85 now and potentially looking to seal a break below its 200-week moving average of $70.43 – a level that has supported oil for the majority of this year.</p>

This article was written by Justin Low at www.forexlive.com.