- Cuts 2014 forecast for non OPEC oil supply growth by 250k to 1.5mbpd
- Lower Russian projections drive estimates lower
- OPEC crude supply fell in March by 890k to 29.62mbpd on Iraq, Libya & Saudi
- Says market balances indicate OPEC will need to raise output in second half of year
- OECD commercial oil stocks fell by 6.5m in Feb to 2.567tn barrels
Brent crude has been looking slightly cheaper on the cut in demand forecast and the 108.30/50 level is still the level that needs to be broken for a push up. Below, the June 2012 support line is still the first line of defence for a move lower with 103 the target thereafter.
Brent crude daily chart 11 04 2014