12 Nov 2015
Oil dips as OPEC sees no change in global demand
FXStreet (Mumbai) - Oil prices fell into losses after the OPEC, in its monthly report, kept the global demand growth forecasts unchanged.
Brent futures now trade 12 cents lower around USD 46.49/barrel, while WTI oil is down 24 cents around USD 42.69/barrel.
Oil prices were not impressed by OPEC’s downward revision of the 2016 non-OPEC supply growth. Moreover, the markets believe the excess supply situation could correct if demand picks up faster, which the OPEC does not see happening next year.
Meanwhile, the report also showed Saudi pumped more oil in October. The immediate focus is now on the US weekly inventory data due for release later today.
Brent futures now trade 12 cents lower around USD 46.49/barrel, while WTI oil is down 24 cents around USD 42.69/barrel.
Oil prices were not impressed by OPEC’s downward revision of the 2016 non-OPEC supply growth. Moreover, the markets believe the excess supply situation could correct if demand picks up faster, which the OPEC does not see happening next year.
Meanwhile, the report also showed Saudi pumped more oil in October. The immediate focus is now on the US weekly inventory data due for release later today.