The Organization of the Petroleum Exporting Countries (OPEC) has raised its forecast for global oil demand growth in 2020 by 0.14 million barrels per day (bpd) to 1.22 million bpd, the organization's latest oil market report showed.
OPEC also noted that it has raised the 2020 non-OPEC supply growth forecast by 0.18 million bpd to 2.35 million bpd.
The barrel of West Texas Intermediate (WTI) was last seen trading at $58.25, adding 0.28% on a daily basis. Below are some additional takeaways, per Reuters.
"OPEC+ collaboration remains essential in maintaining stability in the oil market."
"Continued accommodative monetary policies and improvement in financial markets could provide further support for increases in non-OPEC supply."
"November saw OECD commercial oil stocks fall by 8.8 million barrels to 2,920 million barrels, 17.5 million barrels above 5-year average."
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