OPEC cuts oil demand forecast, sees weaker market share – The United States Oil ETF, LP (NYSEARCA:USO)

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“The outlook for world development, at the least within the short- and medium-term, has been revised down repeatedly over the previous 12 months… as U.S. tight oil (shale), particularly, has once more outperformed expectations,” OPEC wrote in its closely-watched annual World Oil Outlook.

Because of this, the 14-member group lowered its outlook numbers for world oil demand development, to 104.8M barrels per day by 2024, and 110.6M bpd by 2040.

OPEC’s manufacturing of crude oil and different liquids can also be anticipated to say no to 32.8M bpd by 2024, in contrast with 35M bpd in 2019.

Crude futures +zero.three% to $56.73/bbl.

ETFs: USO, OIL, UWT, UCO, DWT, BNO, SCO, DBO, DTO, OILU, USL, USOU, OILD, WTIU, USOI, OLO, OILK, SZO, USOD, OLEM, WTID, OILX, USAI, NRGD, NRGU, AOIL, NRGZ, YGRN, NRGO

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