OPEC lows its demand growth forecast this year

Oil is green today, which has been a rare occurrence in April. WTI crude oil is up 83-cents to $62.33 as broad sentiment improves on hopes for a phone call between Trump and Xi.

OPEC hasn’t wasted any time downgrading its economic view today as it cut its demand growth forecast to +1.3 million barrels per day from +1.45 mbpd. They note US tariffs as one part of the reasons for the demand revision.

The one spot I would watch would be China, which may finally ramp up consumer stimulus. Eamonn earlier wrote about a Reuters pull highlighting expectations for rate cuts this quarter.

Giuseppe wrote about the oil technicals earlier.

This article was written by Adam Button at www.forexlive.com.