Investing.com – There will be a higher demand for oil in 2018 as a tighter market could led to a deficit next year, the Organization of the Petroleum Exporting Countries said Wednesday.
The monthly report said there would be a need for 33.06 million barrels per day of its crude oil, up from 230,000 from its previous forecast.
Predictions of a colder winter will help spur demand for oil, the report stated.
The forecast shows OPEC leaders are confident its supply cut is working. Still, the group of 14-country producers does not expect oil to go about $50 to $55 a barrel.
After the report, Crude Oil WTI Futures fell to $50.69.
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