Oil Rises As Robust Chinese Demand Seen Helping Drain Glut

OPEC said on Wednesday the world would need only 32.2 million bpd of its crude next year, down 60,000 bpd from this year and about 400,000 bpd less than it pumped in June.

OPEC has promised to curb production by about 1.2 million bpd between January this year and March 2018, while Russia and other non-OPEC producers say they will hold back half as much.

(Additional reporting by Henning Gloystein in Singapore, Aaron Sheldrick in Tokyo, and Ron Bousso and Christopher Johnson in London.; Editing by Elaine Hardcastle and Chris Reese)

Copyright 2017 Thomson Reuters.


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