In its monthly market report, the producers’ cartel said it was raising its forecast for 2015 demand for its own oil by 400,000 barrels a day to 29.2m b/d. US oil supply will increase by 820,000 b/d in 2015 year on year to 13.64m b/d, Opec said. That is roughly half the increase it recorded last year. US crude prices jumped more than 3 per cent on the report, with Nymex March contract adding $1.80 to $53.48 a barrel, while ICE March Brent, the international benchmark, rose 94 cents to $58.73 a barrel. Total non-Opec supply was forecast to grow by 850,000 b/d this year, which represented a 420,000 b/d downward revision from the group’s last monthly report.