Oil prices expected to fall as demand for oil declines due to continued inflation WTI and Brent crude oil fell by 7% and 6.5%, respectively. This article was published in ��Hankyung Global Market,�� the largest overseas investment information platform in Korea. photo = REUTERS The Organization of the Petroleum Exporting Countries (OPEC) warned on the 15th that inflation sparked by the Russia-Ukraine war could reduce oil consumption. OPEC said consumption and investment will decline across a range of sectors as the COVID-19 pandemic and the Ukraine war, including rising commodity prices announced today, are impacting continued inflation. OPEC forecasts that global oil demand will increase by 4.2 million barrels by 2022, as the global macroeconomic environment is extremely uncertain. Among them, demand in OECD countries is expected to be 1.9 million barrels per day (mb/d) and non-OECD countries to 2.3 million barrels per day (mb/d). Those forecasts could change within weeks once the broader impact of the geopolitical crisis becomes clear, OPEC said. On this day, international oil futures continued to decline for several days as they fell again ahead of the OPEC report. West Texas Intermediate Crude fell 7% to $95.89 a barrel on the New York Mercantile Exchange on the same day after reaching a 14-year high of $130 a barrel last week. Benchmark Brent crude also fell 6.5% to $99.99 a barrel.