Crude Oil Higher - OPEC Expects Higher Oil Demand
- Trade Magnates Team
- Oct 11, 2017
- 1 min read
Trade Magnates -Crude Oil stabilized higher on Wednesday following OPEC statement that the demand on oil is to increase in 2018. NYME crude oil rose to 51.30$ a barrel, and LIE Brent has increased to 56.84$ a barrel.
OPEC indicated in its monthly report that market rebalancing will continue amid forecasts that global oil demand will rise by around 30,000 barrels per day for this year and will continue 2018.
The U.S. Energy Information Administration has raised its crude-oil price forecasts for 2018 despite expectations of an increase in domestic production to reach 50.57$ and production to increase to 9.92 million barrels a day.