OPEC has maintained its outlook on oil-demand growth and increased its economic forecast.

Title: OPEC Maintains Oil-Demand Growth Expectations, Raises Economic Forecast

The Organization of the Petroleum Exporting Countries (OPEC) recently announced its decision to keep its expectations for global oil-demand growth unchanged. However, the organization also raised its economic forecast, citing easing inflation and anticipated interest-rate cuts.

Oil-Demand Growth Expectations:
Despite concerns about slowing economic growth and trade tensions, OPEC has decided to maintain its expectations for global oil-demand growth. This decision comes after the organization’s previous forecast of 1.14 million barrels per day (bpd) increase in oil demand for 2019.

Economic Forecast:
In a positive move, OPEC has raised its economic forecast, taking into account the easing inflation and expected interest-rate cuts. This decision reflects the organization’s confidence in the global economy and its potential for growth.

Impact on Oil Prices:
The decision to keep oil-demand growth expectations unchanged and raise the economic forecast has had a positive impact on oil prices. The price of Brent crude oil rose by 1.2% to $64.31 per barrel, while US West Texas Intermediate (WTI) crude increased by 1.3% to $57.22 per barrel.


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