XOP - OPEC perceives global oil demand easing in 2023

OPEC representatives say that the global demand for oil will ease in 2023 as soaring crude prices continue to support a rise in inflation which in turn and act as a strain on the worldwide economy. Reuters reported that an OPEC delegate stated they anticipated global demand development of 2M barrels per day or less in 2023, compared with growth of 3.36M barrels per day expected in 2022. Two other OPEC representatives outlined that demand destruction is likely to wear on oil use in the coming months. Reuters reported a delegate stating: "Crude at $120 a barrel is causing demand destruction." "It is already happening." On Tuesday Wall Street is watching prices of oil trade near $122/bbl, as the black gold hovers near a three-month high. Catching a ride higher in premarket trading are ETFs and stocks listed below: Energy Select Sector SPDR ETF (NYSEARCA:XLE) +1.1%, Vanguard Energy ETF (NYSEARCA:VDE) +1%, VanEck

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OPEC perceives global oil demand easing in 2023