The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report that oil demand growth was “yet to show any signs of accelerating.” However, it still hiked its forecast for 2015, predicting that low prices would help to boost sales later in the year.
In its monthly report, the cartel forecast that demand for its crude oil would rise to average around 29.21 million barrels per day (bpd) in 2015, up by around 430,000 on its previous estimate.
Oil prices rose following the report, with Brent crude climbing over 1 percent to trade at $58.41 per barrel, while U.S. crude rallied around 3 percent to $53.23 at around 15.00 London time.
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