Via Melvin Backman in qz.com: Oil futures were trading below $70 a barrel on Wednesday, the lowest levels they’ve seen since 2022. One of the factors hitting prices is the wrong kind of OPEC cut: The cartel said in its monthly oil report Tuesday that it is now forecasting global oil demand to increase by just 2 million barrels per day this year, down from the 2.1 million barrels it mentioned last month.
