Oil rises on firm short-term demand outlook; overall market still weak

11 Jul 2017   Prices

Oil prices edged up early on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of ample supplies and a more subdued outlook for long-term demand. Brent crude futures were at $47.13 per barrel at 0147 GMT, up 25 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $44.64 per barrel, up 24 cents, or 0.5 percent. Traders said the uptick in prices was in part due to healthy demand expected in the coming weeks. Weekly U.S. gasoline demand data “compares favorably to the five-year average and miles driven also continue to grow year-on-year,” Bank of America Merrill Lynch said. However, beyond the seasonal […]

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