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Oil Rises to Five-Week High as Outlook for Demand Brightens
Thursday, 14 September 2017 03:12 WIB | ENERGY |WTIBrent

Oil closed at its highest in five weeks after the International Energy Agency and OPEC improved their outlooks for demand.

Futures gained 2.2 percent in New York. The IEA sees global oil demand rising this year by the most since 2015, while OPEC boosted projections for consumption in Europe and China. Plus, the cartel and its allies are said to be considering an extension of their output-cut deal. In the U.S., refineries are set to process more crude as they come back online after Hurricane Harvey led gasoline inventories to tumble the most on record last week.

West Texas Intermediate for October delivery rose $1.07 to settle at $49.30 a barrel on the New York Mercantile Exchange. Total volume traded was about 15 percent above the 100-day average.

Brent for November settlement increased 89 cents to end the session at $55.16 on the London-based ICE Futures Europe exchange., the highest level since April. The global benchmark crude traded at a premium of $5.41 to November WTI.

 

Source: Bloomberg

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