Oil prices are down over $1.00 per barrel, as OPEC cut its demand growth outlook in its latest monthly report. The cartel has finally recognized the drag on demand from China’s slowing economy. We expect the IEA, and EIA to do the same in their upcoming monthly reports. The OPEC demand growth reduction was modest at 10,000 bpd, but the other notable feature of the report was up 143,400 bpd at 9.367million bpd from April.
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