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Oil pares gains as Opec expects output from non-members to grow

OPEC cut its forecast for demand for its own crude in 2018 by 250,000 bpd to 32.61 million bpd, marking the fourth consecutive decline

Reuters  |  London 

Oil was slightly higher on Wednesday after strong Chinese factory activity, though concern over the pace of growth in U.S. output, as well as other producing nations, limited gains. The Organization of the Petroleum Exporting Countries said in its monthly report it expects supply from non-members to grow more quickly than it had previously expected. The group also reported the first increase in oil inventories across the world's most industrialised nations in eight months in January, a sign the impact of its coordinated output cuts may be slowly waning, and cut its forecast ...

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First Published: Wed, March 14 2018. 22:38 IST
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