OPEC Reduces Global Oil Demand Forecast

OPEC cut its forecast for global demand for oil based on a revised economic outlook for the U.S. The new estimate was cut by 150,000 barrels a day for the remainder of the year, and 40,000 barrels a day for 2012.

“Uncertainties in the oil market are increasing at a time when the recovery of the global economy is losing momentum and is becoming less evident,” OPEC said in its September monthly oil market report. “Over recent months, a deceleration of economic growth was observed in almost every major economy.”

Source: The Canadian Press

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