MOSCOW, November 7 (RIA Novosti) – Global oil prices continued falling Friday amid a worsening forecast by the Organization of the Petroleum Exporting Countries (OPEC) on oil demand by 2035, market data showed.
By 08:24 a.m. Moscow time (05:24 GMT) December futures for the US WTI Light Sweet Crude Oil fell by 1.44 percent to $77.56 per barrel. December futures for Brent fell by 0.68 percent to $82.39 per barrel.
OPEC adjusted its outlook for global oil demand by 2035 to 108 million barrels a day, 0.5 million barrels lower than last year's estimates.
The experts have linked falling oil prices to the stronger dollar. "The market is probably going to remain weak for a while. A stronger dollar usually correlates to lower commodity prices, and it's certainly true in the case of petroleum," IAF Advisors director of commodities research Kyle Cooper told Bloomberg on Friday.
At its annual meeting in Vienna on November 27, OPEC members are expected to decide if they will continue reducing output amid worsening forecasts for consumption and a significant increase in global oil production.