Oil prices rise as OPEC raises 2023 demand projection, countering investor concerns; Brent at $82.85/bbl
In its monthly report, OPEC said that oil market fundamentals remained strong and blamed speculators for a drop in prices. OPEC made a slight increase to its 2023 forecast for global oil demand growth and stuck to its relatively high 2024 prediction.
On Tuesday, November 14, oil prices gradually increased as a result of worries that supply may be interrupted as a result of the US cracking down on Russian oil exports and an Organisation of Petroleum Exporting Counties (OPEC) report stating that market fundamentals remained solid.
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