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Non-OPEC production caused global supplies to dip by 300,000 bpd in September, as the European economic crisis put a damper on demand. OECD oil stocks fell by 3.4 million bbl, and further declines are expected. Worldwide GDP growth estimates have been revised downward, and are now expected to average 3.8% this year and 3.9% in 2012. Oil futures strengthened, as light, sweet crude for December delivery reached a high of $90.32/bbl on the New York Mercantile Exchange, up $2.92, or 3.3%. Brent crude on the ICE Futures Europe exchange was up $1.24, or 1.1%, to $110.80/bbl.
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Houston, TX - November 4-5
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