U.S. crude futures rose in early Asian trade on Wednesday, extending the previous session’s gains, after the West’s energy watchdog said global oil demand will rise more quickly this year as economic growth in industrialised countries accelerates.
The growth will absorb more supply even as U.S. shale oil production reaches record highs, The International Energy Agency (IEA) said.
U.S. oil rose 19 cents to $95.16 a barrel by 0032 GMT. The February contract, which expired at the close of trade overnight, ended 62 cents higher at $94.99. The March contract, which became the front month, settled 37 cents up at $94.97.
Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015