| The U.S. Energy Information Administration Tuesday lowered its forecast for how much it sees world oil demand growing in 2014, while upgrading its expectation regarding the amount of supply that will come from non-OPEC producers this year. The agency reported in its September Short Term Energy Outlook that U.S. oil output in 2015 will likely average its highest level in 44 years, but cut it's projection for U.S. gasoline prices and international oil prices.
"The recent inventory builds are somewhat atypical for this time of year and signal a relatively loose global crude oil market compared with conditions over the past three years," the EIA said, adding that, "Weaker oil demand and lower refinery runs in European and Asian countries within the Organization for Economic Cooperation and Development (OECD) this year have reduced market tightness."..............................................Full Article: Source
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