OPEC: Oil to Get Boost from Summer ‘Driving Season’

The oil market should get a boost this summer from the “driving season,” the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday, but world oil demand would nonetheless be weaker than expected in 2016.

“Looking ahead, global products markets are once again expected to receive support from gasoline demand ahead of the driving season,” the body said in its monthly report.

“However, unlike in the previous year, OECD gasoil demand may not have sufficient strength to offset the continued slowdown in non-OECD consumption,” it added.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.