Crude oil prices rebound sharply from their largest one-week slide in two years, helped by a weaker dollar and an easing of the turmoil in global stock markets; U.S. WTI +1.7% at $60.24/bbl, Brent +1.4% at $63.68/bbl.
In its latest monthly oil report, OPEC raises its crude oil supply forecast for this year but it says demand will grow faster than expected because of the healthy world economy and continue to help eat up the excess supply.
OPEC now forecasts world oil demand to rise by 1.59M bbl/day this year, 60K bbl/day more than estimated in its last monthly report, to 98.6M bbl/day vs. the 97M demand figure for 2017.
Balancing the raised demand outlook, the cartel sees non-OPEC production growing by 1.4M bbl/day this year, 250K bbl/day above the last monthly report, with the U.S. accounting for 150K additional bbl/day.