OPEC raises long-term demand forecast but is Brent listening?

Yesterday evening ahead of the NYMEX settlement OPEC raised their long-term demand forecast and by some considerable margin too. The oil producing cartel raised that by 24% in the years to 2050 and that far outstripped any other forecasts from many leading oil analysts. Well, before you rush out and fill up your tank, just remember this organisation always look to try and drive prices higher. The reaction across the oil markets was unsurprisingly met with the degree of cynicism it deserved. That said the price of Brent for November delivery did earlier rise close to $76 yesterday. The high seen was around $75.85, before later handing back some its earlier gains into the NYMEX settlement. Brent settled $1.27 higher, at $75.17. Today it has fallen back below the $75 handle. Irrespective of that, the price action is still being supported by the threat of a major supply shock out of the Middle East, but at the same time there is still an immediate oversupply across the markets. Also, do not forget the November contract is edging closer to expiry at the end of this week. Brent is currently trading at $74.98