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
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.