Related: IEA Foresees Increasing Oil Demand through 2016
IEA Foresees Increasing Oil Demand through 2016
Crude prices edged up on Thursday after the plunge on the previous trading day as International Energy Agency (IEA) reported global oil demand would rise.
Oil got strength after IEA said the annual growth of global demand would be 1.2 million barrels per day between now and 2016. And the agency said global refinery crude demand would rise sharply in the third quarter as refiners needed more crude oil to prepare for the busy driving summer.
But the U.S. economic data came in missing estimations. After New York manufacturing turned negative, the Philadelphia Fed on Thursday showed factory activity in the mid-Atlantic region unexpectedly shrank 7.7 percent to its lowest in two years, well below analysts' forecast of a 6.8-percent rise. And the initial jobless claims last week dipped slightly, not enough to make investors optimistic about the job markets.
The Greece's debt problem that caused risk aversion and triggered large scale of sell-off, still hung over, pressuring the crude markets.
Light, sweet crude for July delivery gained 14 cents, or 0.15 percent to settle at 94.95 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for August delivery also rose and last traded around 114 dollars a barrel.
