MW: Oil rises along with outlook for global demand
By MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures rose Wednesday, nearing $83 a barrel, after the International Energy Agency hiked its forecast for world oil demand.
The benchmark contract for November delivery added $1.2, or 1.4%, to $82.87 in electronic trade on the New York Mercantile Exchange. On Tuesday, it ended at $81.67, down 54 cents.
In its monthly report released Wednesday, Paris-based IEA said global demand for oil should hit 86.9 million barrels a day this year, up from its projection of 86.6 million barrels a day made last month.
In Vienna, OPEC oil ministers are expected to leave production targets unchanged Thursday in an effort to project an air of stability as the global economic recovery continues.
The price of crude in recent months has meandered between $75 and $85 a barrel, although it headed higher as the U.S. dollar softened.
