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…

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