Oil rises, shrugs off OPEC gloomy forecast

Economies.com
2019-10-10 17:11PM UTC

Oil prices rose today to shrug off OPEC negative outlook, amid optimism about the US-China trade talks round. 

 

OPEC cut its forecast for global oil demand to 980,000 barrels per day this year, which is lower than previously estimated.

 

OPEC oil output fell by about 1.32 million bpd in September to 28.49 million bpd.

 

A new round of the US-China trade talks began today in Washington, in attempts to reach a trade deal.

 

President Trump expressed his optimism about the talks and added that China is willing to make a deal.

 

WTI rose by 1.2% to $53.2 a barrel as of 16:57 GMT, with a season-high of $53.5 and a low of $51.3.

 

Brent rose by 0.8% to $58.8 a barrel, with a high of $59.1 and a low of $57.8.

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