OPEC expects faster growth in oil demand

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May 12:

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Oil prices extended their gains Tuesday after the Organization of the Petroleum Exporting Countries raised its forecast for oil-demand growth this year.
Light, sweet crude for June delivery CLM5, +2.26%  recently rose $1.74, or 2.9%, to $60.99 a barrel on the New York Mercantile Exchange. Brent crude LCOM5, +2.68% the global benchmark, gained $2.07, or 3.2%, to $66.98 a barrel on the ICE Futures Europe exchange. See: Oil tops $60 on weaker dollar, bets for U.S. supply drop.
The cartel of oil producers said in a monthly report released Tuesday that it expects oil demand to increase by 1.18 million barrels a day, an increase of 50,000 barrels a day from its forecast last month. OPEC also raised its expectations for demand for its own oil this year.
However, the group still expects its production to exceed demand for its oil next year.

Source: http://www.marketwatch.com/story/opec-expects-faster-growth-in-oil-demand-2015-05-12?dist=markets

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