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Friday, 14 July 2017

Oil's Weekly Advance Leaves OPEC With Meager Gains From Cuts - Bloomberg

Oil's Weekly Advance Leaves OPEC With Meager Gains From Cuts - Bloomberg:

"Oil is set to rise this week, 2017 demand is seen growing more than previously expected, and U.S. stockpiles are declining, yet prices are still only about $1 higher than when OPEC pledged to curb output late last year. While the International Energy Agency raised its forecast for demand growth to the strongest in two years, it said on Thursday that the rebalancing of supply and demand has become less certain as OPEC’s output expands. U.S. crude inventories slid the most since September last week, but the IEA said there’s little evidence that total fuel stockpiles in developed countries are shrinking as anticipated. "



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