West TX Oil Surges above 95 on Hopes of Demand Revival

U.S. crude futures rose in early Asian trade on Wednesday, extending the previous session’s gains, after the West’s energy watchdog said global oil demand will rise more quickly this year as economic growth in industrialised countries accelerates.

The growth will absorb more supply even as U.S. shale oil production reaches record highs, The International Energy Agency (IEA) said.

U.S. oil rose 19 cents to $95.16 a barrel by 0032 GMT. The February contract, which expired at the close of trade overnight, ended 62 cents higher at $94.99. The March contract, which became the front month, settled 37 cents up at $94.97.

CNBC

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