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.

CNBC

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.