Oil price response to OPEC report on demand muted

14 Nov 2017   Prices

¬†Crude oil prices were trading flat to slightly lower early Monday as traders looked to OPEC for signs of emerging trends, but held out for U.S. oil projections. The Organization of Petroleum Exporting Countries said Monday it expected demand for its oil will accelerate next year on the back of stronger global economic momentum. Demand next year will outpace OPEC production from the third quarter, suggesting a multilateral effort to balance the market is working. OPEC in its monthly market report for November said its “landmark” decision to trim the surplus on the five-year average for crude oil inventories was a necessary move to counter the glut that last year pushed oil prices below […]

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