Global markets: OPEC expects tighter crude supplies in 2017

By Commodity News Service Canada

WINNIPEG, July 12 – The following is a glance at the news moving markets globally.

OPEC RELEASES MONTHLY REPORT, OUTLINES SUPPLY AND DEMAND
OPEC (Organization of the Petroleum Exporting Countries) released its monthly report on Tuesday.

The organization expects crude oil supplies to tighten into 2017, as increased demand chips away at inventories.

OPEC also scaled back its global growth outlook for 2016, citing economic uncertainty from Britain’s decision to leave the European Union.

CHINA’S OIL DEMAND WEAKENS IN MAY
China’s demand for crude oil softened in May, according to reports out of the country on Tuesday.

China’s apparent oil demand dropped 2.7 per cent in May this year, compared with year-ago levels.

BRITAIN’S RETAIL SALES SLOW IN JUNE
Britain’s consumer spending slowed to 0.2 per cent in June, compared with a 1.4 per cent increase in May, reports said on Tuesday.

Analysts say wet weather and Brexit concerns contributed to the decline.

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