Oil consumption is down this year and won’t rise enough next year to support the current level...


Oil consumption is down this year and won’t rise enough next year to support the current level of world production, particularly from OPEC, Canaccord predicts as it lowers its oil price outlook. The bank sees Brent prices moving downward to close the gap vs. WTI, an argument likely based on increased U.S. production finding its way to Gulf Coast and East Coast markets.

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