Strongest Demand Growth In 2 Years Boosts Oil Prices

Oil prices rose on Wednesday after the International Energy
Agency (IEA) said earlier today that oil demand growth continues to
be solid and that global oil inventories are shrinking. At 10:45am
CST, WTI was up 1.51 percent at US$48.96, while Brent was trading
up 1.07 percent at US$54.85. Global oil demand grew “very strongly”
year-on-year in the second quarter this year, which prompted the
IEA to revise up its growth estimate to 1.6 million bpd for this
year. This is the second consecutive month in which the agency has
lifted its demand…

Oil prices rose on Wednesday after the International Energy
Agency (IEA) said earlier today that oil demand growth continues to
be solid and that global oil inventories are shrinking. At 10:45am
CST, WTI was up 1.51 percent at US$48.96, while Brent was trading
up 1.07 percent at US$54.85. Global oil demand grew “very strongly”
year-on-year in the second quarter this year, which prompted the
IEA to revise up its growth estimate to 1.6 million bpd for this
year. This is the second consecutive month in which the agency has
lifted its demand…