Oil Advances After IEA Growth Outlook Eases Consumption Fears
- Futures have been largely rangebound near a six-month low
- IEA raised demand forecast for this year while OPEC cut it
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Oil gained after the International Energy Agency boosted its forecast for global demand growth this year, easing concerns about consumption.
West Texas Intermediate futures settled 2.6% higher to trade above $94 a barrel while Brent again neared $100. The IEA lifted its consumption estimate by 380,000 barrels a day, saying soaring natural gas prices and heat waves are prompting manufacturers and power generators to switch their fuel to oil.