Oil Rises as OPEC Boosts 2014 Outlook, But Concerns Remain (USO) (OIL)

United States Oil Fund LP (NYSE: USO), iPath S&P GSCI Crude Oil Total Return (NYSE: OIL), and ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO) are on watch Wednesday following an update from the Organization of the Petroleum Exporting Countries (OPEC).

For 2014, OPEC raises its expectations for oil-demand growth will rise 1.09 million barrels per day to 90.98 million barrels per day, from demand of 89.89 million barrels per day in 2013. The coalition's previous expectation in 2014 called for an increase in demand of 1.05 million barrels per day.

Key factors attributed to the improved outlook include a rebound in Europe's economic climate and the U.S. boosting its own demand expectations recently.

OPEC also cautioned that demand in emerging markets could ebb forecasts as fiscal and monetary policy concerns remain in certain LatAm and Asian markets.

You can view the OPEC flipbook here (Flash required).

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