Brent Oil slightly up after OPEC report

October 12, 2015

Oil prices rose slightly after the OPEC via its monthly report reduced its 2015 oil demand forecast, but revised next year’s demand forecast higher.

Brent oil December futures showed added few cents to trade 0.70% higher on the day around USD 53.28/barrel. Earlier today, prices cheered Kuwaiti Oil Minister’s bullish comments. 

Earlier this month, the Paris based International Energy Agency (IEA) and the US based Energy Information Administration (EIA) revised their demand forecasts higher. The OPEC today reduced it 2015 global oil demand forecast by 40K, but raised 2016 demand forecast by 510K barrels per day. 

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