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Oil Prices Rise as IEA Estimates Higher Demand, Shrinking Inventories

Oil

Oil prices rose on Wednesday after the International Energy Agency (IEA) determined the crude global surplus is shrinking due to increasing global demand, particularly in Europe and the US, and an output drop from OPEC and other producers. The 2017 global demand growth forecast was raised to 1.6M b/d from 1.5M b/d. By 1201 GMT, Brent crude was up 47 cents or 0.8% at $54.74 a barrel, while WTI was up 47 cents or 0.9% at $48.70 a barrel, Reuters reports.