OPEC says demand for oil should grow

The Organization of Petroleum Exporting Countries, or OPEC, cited economic risks to summer oil demand, but maintained its forecast for global oil demand growth in its monthly report released on Thursday.

The report offers a fresh viewpoint on the world oil market after the group and its allies announced a surprise output cut earlier this month.

OPEC said demand could take a hit from any economic weakness due to interest rate hikes, Reuters reported.