WTI opens with a 0.37% decrease, reaching $77.65 per barrel.

The price of West Texas Intermediate (WTI) crude oil opened this Tuesday with a 0.37% decrease, down to $77.65 per barrel, as investors analyze the latest economic data.

Inflation in the United States rose by 0.4% in February and by 3.2% on an annual basis, according to the Bureau of Labor Statistics (BLS).

On Tuesday, the OPEC (Organization of the Petroleum Exporting Countries) maintained its forecast of robust global oil demand growth for this year, at a year-on-year rate of 2.2%, based on an optimistic outlook for the global economy.

In its monthly report, the OPEC predicts that global crude consumption will rise in 2024 to an average of 104.46 million barrels per day (mbd), 2.5 mbd (2.2%) more than in 2023.

These figures remain unchanged from estimates made a month ago, despite the organization’s experts slightly raising their expectation for global economic growth to 2.8% for this year, which is the basis of their calculations.

The OPEC anticipates that China and India, along with other Asian nations, will “maintain their growth momentum and play a significant role” as drivers of the global economy. This is expected to offset the “relatively low” growth rates in industrialized nations of the Organisation for Economic Co-operation and Development (OECD).

The outlook “of positive and stable dynamics in major economies is supported by expectations of sustained moderation in overall inflation throughout 2024 and 2025,” it explains.

At the same time, it expects major central banks to begin reducing interest rates in the second half of 2024, with this “shift towards more accommodative monetary policies” continuing into 2025.

Beyond today’s report, data from the U.S. Energy Information Administration (EIA) tomorrow, Wednesday, will be crucial for the next direction in which the oil market moves.

Last week, Texas crude lost 2.4%, once again moving away from the $80 mark, amid data from China indicating weak demand, and comments from the International Energy Agency that the market will be well supplied this year.