Crude oil prices were slightly lower Monday morning, after OPEC cut its supply forecast for U.S. producers.
“U.S. oil production has shown signs of slowing,” OPEC said in the report. “This could contribute to a reduction in the imbalance of oil market fundamentals, however, it remains to be seen to what extent this can be achieved in the months to come.”
OPEC lowered its projection for non-OPEC supply in 2015 by about 72,000 barrels a day, to 880,000 barrels a day.
U.S. crude oil for October was down 12 cents at $44.51 a barrel.
The material has been provided by InstaForex Company – www.instaforex.com