OPEC said its oil output rose further in April, keeping an excess supply in the market despite stronger demand and signs the producer group’s strategy of letting prices fall to hurt other producers is taking effect. In a monthly report on Tuesday, OPEC said demand for its oil this year would be 50,000 barrels per day (bpd) higher than previously thought, thanks to a slightly lower supply forecast for countries outside the group. Oil prices have almost halved from $115 a barrel in June 2014, in a decline OPEC officials have said is stimulating fuel use. The report made a small upward revision to forecast oil demand growth in 2015 and was upbeat about the outlook. “Despite the slow start in some countries, world economic growth could strengthen further as the year progresses, leading to an improvement in crude oil demand in 2015,” the report said. Last year, […]