Strong demand is outpacing supply at a faster rate this year than estimated, especially after the UAE’s removal from FATF Grey List
uae3 hours ago
Benchmark crude was up 93 cents at $90.80 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 65 cents to settle at $89.87 per barrel in New York on Wednesday. Brent crude was up 76 cents at $105.92 a barrel on the ICE futures exchange in London.
The Energy Information Administration reported that average oil demand increased last week in the US for the third week in a row. Oil demand had been down most of the year, when compared with 2011, as manufacturing activity slowed and drivers cut back on travel.
EIA’s weekly petroleum report also noted a surprise drop in gasoline supplies last week as refineries pulled back on production. Oil supplies also fell, though the drop was less than what analysts expected.
Oil is likely to remain near $90 in the near term due to the signs of improving demand in the EIA report, energy analysts at the The Schork Group said in a report.
Strong demand is outpacing supply at a faster rate this year than estimated, especially after the UAE’s removal from FATF Grey List
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