Demand for crude oil is poised to wane next year as sources of competing methods increase, according to a forecast issued by the Organization of the Petroleum Exporting Countries.
Bloomberg reports OPEC indicated that demand will drop by 300,000 barrels per day next year to slip to 29.6 million barrels per day next year, roughly 2.6 percent less than what the organization presently is producing. The data marks the 12-member group's first forecast for next year.
"Higher growth in the U.S. and a recovery in the euro zone are the main drivers behind the forecast," OPEC stated, according to the news source. "Emerging economies continue to expand at levels below the high rates seen in past years."
At 9:45 a.m. on Wednesday, West Texas Intermediate crude oil futures rose 1.7 percent, a $1.76 lift to $105.29 per barrel. At 9:46 a.m., Brent crude oil futures increased 0.53 percent, a 57-cent rise to $108.38 per barrel.
Reuters reports projections of supplies falling for a second consecutive week pushed up prices on Wednesday, but those gains were tempered by concerns about growth in China, the globe's second-largest consumer of the energy commodity.
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