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Brent Crude Oil Steadies Amid Solid Demand Outlook

Brent Crude  Oil : futures steadied above $93 per barrel on Wednesday after facing heightened volatility in the previous session following the release of US inflation data, supported by a solid demand outlook from OPEC at a time physical markets remain tight.

OPEC  Crude Oil said in its monthly report released Tuesday that global oil demand will increase by 3.1 million barrels a day in 2022

And by 2.7 million bpd in 2023, reiterating previous forecasts for solid growth as major economies remained resilient despite several macro headwinds.

Meanwhile, investors remained cautious as a hot US inflation report raised speculations of a more aggressive response from the Federal Reserve, which could dampen overall demand further.

Top crude importer China’s ongoing Covid-19 curbs also clouded the demand outlook. Elsewhere, industry data released Tuesday showed that US crude inventories rose by about 6 million barrels last week, while traders await official data from the EIA on Wednesday.

While WTI Crude futures steadied around $87.5 per barrel on Wednesday after facing heightened volatility in the previous session following the release of US inflation data, supported by a solid demand outlook from OPEC at a time physical markets remain tight.

OPEC said in its monthly report released Tuesday that global oil demand will increase by 3.1 million barrels a day in 2022 and by 2.7 million bpd in 2023

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