OPEC Tweaks ’06 Forecast; Oil Remains Below $70 a Barrel

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PEC changed its forecast for global oil demand from a previous forecast only modestly and oil prices remained under $70 a barrel in intraday trading Monday, Bloomberg reported.

World demand will average 84.63 million barrels a day this year, an increase of 1.63 million barrels from last year, OPEC estimated.

The cartel decided to leave its production quotas unchanged at its meeting June 1.

Crude oil was trading between $69 and $70 on the New York Mercantile Exchange Monday. It was the fifth straight trading day in which oil has been below $70, Bloomberg said.