In today’s Monthly Oil Market Report, OPEC raised its estimate of world growth from 3.5% to 3.8% for 2010. Its estimate of world oil demand was roughly the same as last month, at 85.37 million barrel per day. July crude oil is trading higher.
The U.S. Department of Energy (DOE) said that crude oil supplies were down 1.8 million barrels last week to 361.4 million barrels. Supplies of gasoline were unchanged from a week ago and total distillates were up 1.8 million barrels.
The DOE also said that refinery use was at 89.1% of capacity last week. Over the past four weeks, gasoline demand was down 1.0% from a year ago and distillate demand was up 12.1% from a year ago.