OPEC demand forecast, war drums drive oil prices higher
Even with higher OPEC production, signs of a narrowing gap between supply and demand, and rising geopolitical tensions, pushed oil prices higher Thursday.
Economists at the Organization of Petroleum Exporting Countries reported total group production increased 173,000 barrels per day to 32.87 million barrels per day in July, its highest level of the year. Strong production figures have been a mounting concern for traders monitoring the OPEC-led effort to balance the market with coordinated production declines.
OPEC’s report followed U.S. data that show production declined and the level of crude oil inventories moved lower…