Today, WTI Crude Oil was up 1.74% and Brent Crude Oil was down 0.45%. In addition, three of the largest oil ETFs based on total assets were mixed today ahead of the OPEC production announcement:
- United States Oil (NYSEArca: USO): up 0.60 %
- Invesco DB Oil (NYSEArca: DBO): down .09%
- United States Brent Oil (NYSEArca: BNO): down 0.82%
Nonetheless, demand for oil has been strong in 2018, but the International Energy Agency’s June report said demand growth could slow to 1.25 million barrels a day in the second half of 2018–a drop from 1.5 million barrels in the first half as a result of higher prices. Overall, oil production in the U.S. has been up the last five year years after remaining relatively flat in the preceding years.
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