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Oil Prices Rise Amid Mexican Storm; OPEC Forecast Report In Focus


Friday, 12 July 2019 13:08 WIB

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Oil prices rose on Friday in Asia after U.S. oil producers cut more than half of Gulf of Mexico crude output due to Tropical Storm Barry, which is expected to make landfall over the weekend.

U.S. Crude Oil WTI Futures were up 0.6% to $60.55 by 12:24 AM ET (04:24 GMT). International Brent Oil Futures also gained 0.6% to $66.94.

Meanwhile, in its latest monthly report released Thursday, the Organization of the Petroleum Exporting Countries (OPEC) forecast global oil demand will rise by 1.14 million barrels per day (bpd) next year, matching the projection for 2019. But the cartel forecast an acceleration in non-OPEC supply growth to an average of 2.44 million bpd in 2020, from an expected 2.05 million bpd this year.

Source : Investing.com


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