Oil Caps Best Week Since July as Demand Forecasts Improve
- IEA, OPEC this week boosted projections for global consumption
- U.S. refiners continued crude-processing recovery after Harvey
Deutsche Bank Sees No Massive Change in Oil Prices
This article is for subscribers only.
Oil had its biggest weekly gain since late July as Texas refineries recovering from Hurricane Harvey processed more crude and global demand forecasts brightened.
Futures rose 5.1 percent this week in New York, settling just below the $50-a-barrel threshold that’s kept the industry in thrall. The increase was buoyed by higher demand forecasts from the International Energy Agency and expectations OPEC and its partners will extend output cuts beyond the March expiration date of their deal.