Crude Rises for Fourth Day as Global Demand Outlook Improves
- IEA says world demand climbing faster than initially expected
- Agency also says little evidence that stockpiles are shrinking
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Oil advanced to the highest level since July 3 on a forecast that global demand growth will accelerate this year, even as supplies drain more slowly than anticipated.
Futures rose 1.3 percent in New York, climbing for a fourth day and extending this week’s gain to 4.2 percent. The International Energy Agency raised its estimate for 2017 global demand growth by about 100,000 barrels a day to 1.4 million, the strongest in two years. Yet the agency said it needs to wait longer to confirm whether the supply-demand rebalancing process started as forecast in the second quarter.