West Texas Intermediate traded near the highest price since October on signs that strengthening demand is depleting inventories in the U.S., the world’s biggest oil consumer.
The International Energy Agency raised estimates for global oil demand in 2014 amid an economic recovery in the U.S. Futures were little changed in New York after rising 1.2 percent yesterday. Crude stockpiles shrank by 7.5 million barrels last week, a report from the American Petroleum Institute showed yesterday. Government data today is forecast to show supplies dropped by 3 million, according to a Bloomberg News survey. In Libya, three eastern ports will reopen Dec. 15, said the head of the country’s energy-protection force.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.