Brent crude oil fell following the OPEC's monthly report which decreased growth forecasts in both the US and the eurozone. The commodity traded at $109.68 at 8:07 GMT on Wednesday morning following the report's release.
The OPEC report not only decreased the growth expectations in both the US and the eurozone, but also forecast increasing US oil output. Even though the report predicted demand growth to remain steady, the data put pressure on Brent prices.
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