Economics
Brent Crude Rises First Time in Four Days on IEA Forecast
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Brent crude rose for the first time in four days after the International Energy Agency raised its forecast for global oil consumption on a strengthening economy. West Texas Intermediate reached at a two-week high.
The European benchmark gained 0.4 percent and WTI advanced 0.7 percent. World consumption will surge by 1.3 million barrels a day this year to a record 92.5 million, the IEA said in its monthly Oil Market Report. The 90,000-barrel-a-day increase from December’s outlook follows the first year of annual demand growth in developed nations since 2010.