A bullish report from OPEC was the primary driver of today's rally in the oil market. This was after the cartel forecast that non-OPEC supplies will fall by 880,000 barrels a day this year, which is 140,000 barrels per day deeper than its prior assessment. Further, it is projecting another 110,000-barrel decline in production next year, even as it expects oil demand to grow by 1.2 million barrels.
IEA's Oil Market Report should also be bullish.
Oil Price
Re: Oil Price
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group