WTI crude oil recovered after a 3-day selloff after OPEC’s report suggested that global oil demand might increase by +1.14M bpd from 2013 to 91.14M bpd in this year. While indicating that the revisions was made on the basis of the “gradual recovery” in the global economy, the cartel holding 40% of the world’s oil added that “geopolitical events in the Ukraine as well as ongoing tensions in other regions supported crude oil prices generally”.
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OPEC Raised Oil Demand Forecast while US Announced Plans to Sell SPR
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