Brent crude rose above $63 for the first time in more than seven weeks despite a bearish International Energy Agency ((IEA)) 2019 outlook that was published shortly before the monthly report from the IEA.
As usual, that highlighted weak demand and rising non-OPEC supply of some 2.3 million bpd in 2020, which is higher than the 1.8 million bpd this year.
The Paris-based organization opined that this would eat from the Organization of the Petroleum Exporting Countries' ((OPEC)) market share and lead to a decline in OPEC's crude oil output by around 1 million bpd.