Oil is retracing for a second day, as OPEC’s monthly oil report showed the cartel’s production rising last month. As markets mentally limber up for the double whammy of weekly inventories and the EIA’s monthly short term energy outlook tomorrow, hark, here are five things to consider in oil markets today: 1) After yesterday’s IEA report, and ahead of tomorrow’s EIA report, today we get OPEC’s monthly oil market report. Still with me? Good deal. The cartel has tweaked world oil demand growth a smidge higher for this year to +1.24 million barrels per day, while leaving next year unchanged at +1.15 million bpd. Meanwhile, it has lifted non-OPEC supply growth for next year to +0.24 million bpd, driven by an upward revision to Russian output. In terms of OPEC’s scores on the doors, secondary sources report Saudi production in September was (seasonally) down […]