Oil Fluctuates as IEA Boosts Demand Outlook, Says Supply Ample

Crude oil fluctuated after the International Energy Agency boosted its forecast for global oil consumption while saying supplies are ample, particularly in North America.

Crude swung between gains and losses as the Paris-based agency forecast worldwide oil consumption will rise by 1.4 million barrels a day to 89.1 million in 2011 amid growing momentum in the economic recovery. North American inventories are “well above” the five-year average, the IEA said.

“We’re well supplied presently,” said John Kilduff, a partner at Again Capital LLC in New York. “The 89 million barrels a day is a number that has caused us problems in the past and would create a tight market for sure, but with stocks well above the five-year average, we’re not in the woods yet.”

Read Full Article from BusinessWeek

- Posted: 2011-01-18 11:07:32

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