Oil price news: Oil rises after industry data points to lower U.S. stockpiles [BNN Bloomberg (Canada)]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
Company Research
Source: BNN Bloomberg
Brent futures climbed toward US$83 a barrel after rising almost three per cent at the start of the week, while West Texas Intermediate neared $79. The American Petroleum Institute reported that U.S. crude inventories dropped by 2.4 million barrels last week, according to people familiar with the data. Official weekly inventory figures from the U.S. Energy Information Administration are due later Wednesday. Prices have rallied from last week's selloff, even as the International Energy Agency on Wednesday warned of a lasting oil surplus for the rest of this decade. The IEA also downgraded its oil demand growth forecast for this year to below 1 million barrels a day. Oil traders have been wrestling with bumpy price moves recently as a weak market for real-world barrels vies with hopes that consumption will improve over the summer. The U.S. on Tuesday forecast its production in 2024 will increase more than previously estimated to a fresh record. There are also upcoming cues from
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