logo
Share SHARE
FONT-SIZE Plus   Neg

Crude Oil Steady As OPEC Sees Strong Demand

Crude oil futures inched higher Monday, staying near 2-year highs after OPEC predicted oil demand will surge in 2018.

According to OPEC's monthly market report, the forecast demand for its oil next year has been increased by around 400,000 barrels a day from the previous month to 33.4mmbpd, about 0.46mmbpd higher than in 2017.

Also, OPEC sees no reason for investors to expect oil to hit peak demand before 2040, the organization's secretary general said Monday.

Cartel member Venezuela is meeting with creditors in an emergency bid to stave off defaulting.

Meanwhile, total shale output is estimated to rise by more than 80,000 barrels per day (bpd) to 6.17 million bpd, the U.S. Energy Information Administration said today.

WTI light sweet crude oil was up 2 cents at $57.76 a barrel.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Market Analysis

comments powered by Disqus
Follow RTT