Brent crude increased 2 cents, or 0.7%, to $74.42 a barrel on the futures market. The price of West Texas Intermediate U.S. crude oil dropped 5 cents to $70.81.
The International Energy Agency forecast that in the second half of the year, demand will outstrip supply by 2 million barrels per day (bpd), with China accounting for 60% of the increase in oil demand. “Crude prices are still high as energy traders struggle to ignore worries about the world’s demand.
U.S. Government figures on crude and product stockpiles are expected. The price of Brent crude futures increased by 2 cents, or 0.7%, to $74.42 a barrel.
West Texas Intermediate U.S. crude was down 5 cents at $70.81. The crude inventory build added to concerns about U.S. growth after data showed retail sales rose 0.4 per cent in April, short of estimates for an increase of 0.8 per cent. Talks on raising the U.S. debt ceiling continue to weigh on the market.