On Monday, the price of oil quotations are going down while the price of Brent dropped below $82 per barrel, Interfax reports.
Prices are affected by the increasing dollar, the deterioration of the OPEC forecast for demand, and the possibility of further interference by the US authorities in the situation across the oil market, Trading Economics writes.
January Brent futures fell in price by $0.39 (0.47%) to $81.78 per barrel at the London ICE Futures exchange. On Friday, Brent price decreased by $0.7 (0.8%) to $82.17 per barrel.
WTI December futures declined by $0.37 (0.46%) to $80.42 per barrel at the New York Mercantile Exchange (NYMEX). During the previous session, the price decreased by $0.8 (1%), to $80.79 per barrel.
OPEC, in its monthly report, believes the growth in oil demand in 2022 will be unchanged at 4.2 million bpd, but reduced the forecast for an increase in demand for the current year by about 160 thousand bpd to 5.7 million bpd, citing the effect of high prices.
Meanwhile, American politicians continue to urge US President Joe Biden and his administration to use oil stocks or suspend exports.
The stronger US dollar, linked to rising inflation, is also driving oil prices down. An expensive dollar leads to a decrease in the purchasing power of market participants using other currencies.