Oil Prices Rise as Market Anticipates OPEC Monthly Report

📆 5/13/2024 12:09 PM
📰 OilandEnergy

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If OPEC does not move to reduce its current voluntary production cuts in July, analysts expect oil demand to remain strong in the second and third quarters, lending further support to the market.

While inflation concerns dragged oil prices lower earlier on Monday, with U.S. consumer price data due out Tuesday, by late morning, anticipation of OPEC’s monthly report due on the same time bumped the two key crude oil benchmarks up at least half a percentage point. On Tuesday, OPEC will release its Monthly Oil Market Report MOMR, with its outlook for the coming period. On Monday at 1157 a.m. ET, the U.S. crude oil benchmark, West Texas Intermediate WTI was trading up 0.61% at $78.

The cartel said it sees a “robust oil demand outlook for the summer months”, and analysts are expecting more or continued optimism in Tuesday’s report. In the April report, OPEC left its oil demand growth forecasts unchanged for this year and next. The expected global oil demand growth rate is 2.2 million barrels per day for this year, with growth of 1.8 million bpd next year. U.S.

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