OPEC nudges world oil demand forecast higher *USO* *PIC*

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OPEC nudges world oil demand forecast higher (by William L. Watts)

FRANKFURT (MarketWatch) -- The Organization of Petroleum Exporting Countries, or OPEC, on Thursday said it expects world oil demand to grow by 900,000 barrels a day in 2012, up slightly from 860,000 barrels in its April forecast. In its monthly oil report for May, OPEC said the stabilization of the U.S. economy and shutdown of Japanese nuclear power plants has stopped the declining trend in demand at least for the short term. Oil demand in non-OECD countries is indicating a "slight improvement," the report said, while the upcoming U.S. driving season might be affected by higher retail gas prices and an uncertain economic outlook.

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