While crude oil trader's talk about the current oil glut, oil and gas demand continues to surprise to the upside. The latest surprise comes from the latest International Energy Agency reports, which once again says that the agency is being caught by surprise by stronger than expected demand.
West Texas Intermediate fell from the lowest price in more than four years as Saudi Arabia’s oil minister said the price will stabilize by itself, while the United Arab Emirates said OPEC will do what it takes to balance the market.
West Texas Intermediate crude traded near the highest price in three days before supply data that will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent in London was steady.
Iraq’s semi-autonomous Kurds reasserted their right to sell $100 million of crude on board a tanker off the Texas coastline after the government in Baghdad persuaded a U.S. judge to order the cargo’s seizure.