Oil stays resilient after OPEC report

By FXStreet FXStreet (Mumbai) – Oil prices at both the sides of the Atlantic hardly batted an eye after the OPEC group’s slightly bullish oil demand forecasts hit the wires.

WTI crude oil for October delivery shed few cents, but stays largely unresponsive to OPEC group around USD 44.55/barrel. On the similar lines, Brent oil for October delivery continues to trade around USD 48.70/barrel; largely unchanged after OPEC report.

OPEC cuts demand forecast, contradicts IEA

OPEC cuts demand forecast, after IEA
OPEC ‘s upward revision of the oil demand forecasts comes a week after the Paris based International Energy Agency (IEA) raised its global oil demand forecast to 5-year high. OPEC revised up the demand for its crude this year by about 400,000 barrels a day to 29.3 million barrels.

Both organizations believe the recent data is showing better than expected oil demand and expect a drop in the non-OPEC production.
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Source:: FX Street