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Traders shouldn’t take their eyes off of the Gulf of Mexico for the rest of this week and next as a major weather system has the potential to impact oil production, refining, exports from the U.S., imports to the U.S. and prices,” Ellen Wald, president of Transversal Consulting and Investing.com contributor, said.

Meanwhile, in its latest monthly report released Thursday, the Organization of the Petroleum Exporting Countries (OPEC) forecasted global oil demand will rise by 1.14 million barrels per day (bpd) next year, matching the projection for 2019. But the cartel forecasted an acceleration in non-OPEC supply growth to an average of 2.44 million bpd in 2020, from an expected 2.05 million bpd this year.

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