1. Oil nears $49 as brighter demand outlook sparks optimism

    #oilwire - #Oil climbed the most in a week as the #InternationalEnergyAgency and #OPEC improved their outlook for demand . #Futures gained as much as 1 . 8% in #NewYork . The IEA sees global oil demand rising this year by the most since 2015 , while OPEC boosted projections for consumption in #Europe and #China . Plus , the cartel and its allies are said to be considering an extension of their output-cut . . .

  2. To win oil-glut fight, OPEC must "dig in for the long haul"

    #oilwire - When #OPEC and #Russia first embarked on their #strategy to clear a global #oil #glut , it was expected to succeed within six months . It now looks like the battle could last for years . The Organization of Petroleum Exporting Countries and its partners plan to wrap up their production cuts next spring , already nine months later than originally expected . Yet oil #prices are faltering again . . .