Oil Price
Posted: Tue Jul 12, 2016 3:47 pm
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.
IEA's Oil Market Report should also be bullish.