Oil prices stable on healthy demand, but oversupply looms later in 2018
Commodity Alert : Oil prices stable on healthy demand, but oversupply looms later in 2018
Oil prices held steady supported by healthy global demand but capped by the relentless rise in U.S. production that is undermining efforts led by producer cartel OPEC to cut supplies and prop up markets. Prices were receiving support from healthy demand. The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that oil consumption was expected to grow by 1.62 million barrels per day (bpd) in 2018.But looming over markets has been a relentless climb in U.S. crude output, which hit another record last week by rising to 10.38 million bpd, up by more than 23 percent since mid-2016. Commercial crude inventories were up by 5 million barrels, at 430.93 million barrels.
Source : Investing