Oil Caps Fourth Weekly Gain as U.S. Fuel Demand Strengthens
- IEA says prices have bottomed as shrinking supplies erode glut
- Non-OPEC supply will decline 750,000 b/d as U.S. falters: IEA
Will the Price of Oil Only Go Higher?
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Oil capped the longest run of weekly gains since May amid signs of rising U.S. fuel demand and slowing crude production.
Futures climbed 1.7 percent in New York, ending with a fourth weekly advance. Gasoline consumption in the past four weeks was at the highest since September, while crude output remained near the lowest since November 2014, according to data from the Energy Information Administration Wednesday. Prices may have bottomed as shrinking supplies erode a global glut, the International Energy Agency said.