- Based on stronger economy
- Highest growth since 2010
- Expects non-OPEC supply to rise by 1.14m bpd in 2014 led by further US growth
- Rising non-OPEC supply to reduce OPEC demand by 250k bpd to 29.61m bpd in 2014
- 2014 market outlook implies further rise in global inventory levels
- OPEC secondary sources estimate groups output fell by 310k bpd in June to 30.38m and caused by problems in Libya, Nigeria, Angola & Iraq
Brent is edging towards $110 again and has done so fairly quietly as Adam pointed out yesterday Oil: The quiet bull market
We’ve been held up by the 50 fib level of the Feb/Jun 2012 hi/lo at $108.43 and the 55 wma & 200 dma at $108.20. High so far today $108.47.