Arab Today, arab today oil prices climb as opec eyes demand recovery
Last Updated : GMT 03:37:42
Arab Today, arab today
Arab Today, arab today

Oil prices climb as OPEC eyes demand recovery

Arab Today, arab today

Arab Today, arab today Oil prices climb as OPEC eyes demand recovery

Brent North Sea crude for delivery in November added 10 cents
London - AFP

Global oil prices edged higher Monday as dealers digested an upbeat market assessment from the OPEC crude producers' cartel.

The market was buoyed also by a weaker dollar, traders said.

Brent North Sea crude for delivery in November added 10 cents to stand at $52.75 per barrel just after midday in London.

US benchmark West Texas Intermediate for delivery in November won seven cents to $49.70 per barrel compared with Friday's close.

Prices were boosted by expectations that a rise in demand would ease a global supply glut

Market pressures that slashed the price of oil to below $50 appear to be easing, OPEC declared on Monday, tweaking upwards its 2015 forecast for crude demand.

"Fundamentals factors (of supply and demand) that have weighed on the market for more than a year have persisted, but are starting to show signs of alleviation," the Organization of Petroleum Exporting Countries said in its October report.

It hiked its forecast for global demand for oil this year to 92.86 million barrels per day, up from 92.79 mbpd.

OPEC also cut its forecast for oil production by non-members of the group, notably in the Americas.

This is partly a result of OPEC's strategy -- driven by kingpin Saudi Arabia -- of keeping production levels unchanged, despite the lower oil price, to preserve market share and make life difficult for US shale oil producers.

Oil is extending a rally since hitting six-year low points in late August.

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