12DEC2017 - NEWS - Oil traders will focus on monthly OPEC report this week

Last week on Friday oil settled higher due to rising crude demand in China, but the prices failed to avoid a weekly loss. This week oil traders will keenly see monthly reports from OPEC and the International Energy Agency (IEA) to assess global oil supply and demand levels. OPEC refers to Organization of the Petroleum Exporting Countries. OPEC is an intergovernmental organization of 14 nations as of April 2017, headquartered in Vienna since 1965.