Oil prices will rise less than forecast, OPEC says

PanARMENIAN.Net - Oil prices won’t rise as much as was previously forecast, the Organization of the Petroleum Exporting Countries said on Tuesday, November 8 as demand won’t rise as quickly as once thought, while petroleum supplies will be ample, The Wall Street Journal said.

In its annual World Oil Outlook, OPEC said prices would reach $60 a barrel by 2020. That is $20 a barrel less than OPEC predicted last year for the beginning of the next decade.

Overall OPEC said the cartel itself accounted for much of the world’s growing oil production, and its share of the global market will increase as U.S. output from shale fields slows down.

The outlook comes in the wake of a two-year decline, with oil prices down over 60% from their levels in mid-2014, while OPEC is heading into a meeting on Nov. 30 where it will allocate production cuts designed to lift prices.

Oil edged up on Tuesday, with U.S. voters set to head to the polls to close out a fractious presidential race. Brent, the benchmark for crude traded internationally, rose 0.56% to $46.41 a barrel while U.S. counterpart West Texas Intermediate was up 0.36% to $45.05.

The S&P 500 posted its biggest gain since March on Monday, snapping its longest losing streak in nearly 36 years, after the Federal Bureau of Investigation said over the weekend that no new evidence was found to warrant charges against Hillary Clinton, reports Riva Gold.