Oil Rises to Five-Week High as Outlook for Demand Brightens
- IEA sees 2017 consumption up by 1.6 million barrels a day
- U.S. gasoline stocks drop by most since at least 1990: EIA
IEA Says OPEC May Not Dramatically Impact Oil Supply
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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.