AP:
The Organization of the Petroleum Exporting Countries said world economic growth this year was revised up to 3.8 percent in June from the previous month's 3.5 percent forecast. The gain was driven mainly by improved performance in the Japanese economy which it forecast to grow by 2.7 percent this year compared to last month's 1.5 percent projection.
"While the global economy seems to be enjoying solid momentum in the first half (of 2010), concerns about growth in the second half remain due to euro-zone sovereign debt problem, the ability of China to avoid overheating and the still high unemployment" in industrialized nations, OPEC said in its June Oil Market Report.
Although OPEC had a lower expectation on the increasing rate of demand for oil in the second half of 2010, China reported a higher demand for oil mostly in transportation.
Liz T. Liu
Summer Analyst
ANalyze Capital LLC
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