(MENAFN- ProactiveInvestors) Brent crude advanced on Monday after OPEC upgraded demand forecasts and said it expects reduced output from non-OPEC countries.
The comments come after figures from the US on Friday revealed that drilling activity onshore had fallen to its lowest level for several years.
According to OPEC the slower expansion of America€™s shale oil sector and a reduction of future capital spending across the industry will cause the rate of non-OPEC production growth to drop below its previous estimates.
And it also said demand for OPEC based production would increase to 29.21mln barrels per day for 2015 which is 430000 barrels per day more than it last estimate.
In London trading Brent Crude gained 1.2% to US$58.50 while West Texas Intermediary futures were 2.5% higher at US$53 per barrel.
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