OPEC raises global oil demand forecast by 1.04m bpd in 2014

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  • Based on stronger economy
  • Highest growth since 2010
  • Expects non-OPEC supply to rise by 1.14m bpd in 2014 led by further US growth
  • Rising non-OPEC supply to reduce OPEC demand by 250k bpd to 29.61m bpd in 2014
  • 2014 market outlook implies further rise in global inventory levels
  • OPEC secondary sources estimate groups output fell by 310k bpd in June to 30.38m and caused by problems in Libya, Nigeria, Angola & Iraq

_bweekly 10 07 2013

 

Brent is edging towards $110 again and has done so fairly quietly as Adam pointed out yesterday Oil: The quiet bull market

We’ve been held up by the 50 fib level of the Feb/Jun 2012 hi/lo at $108.43 and the 55 wma & 200 dma at $108.20. High so far today $108.47.

Author: Ryan Littlestone

Ryan Littlestone has been working in financial markets for more than 20 years. Wide-eyed, he stepped out of Bank station in London to join LME founding member Rudolf Wolff where he worked his way to the main order desk and brokered customer orders to the LME floor and across virtually every global market. An opportunity to help set up and run a new LIFFE floor operation saw him catch the trading bug and it wasn’t long before the pull of the pits was too great to refuse. He became a ‘local’ and has been trading his own account for more than 11 years.

2013-07-10T10:51:04+0000

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