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Crude continues rally as IEA forecasts increased demand
Posted on July 01, 2008
Light, sweet crude for August delivery rose $2.02 to trade at $142.02 a barrel on the New York Mercantile Exchange. In London, Brent crude futures rose $2.27 to $142.10 on the ICE Futures exchange. AP reports: In its Medium-Term Oil Market Report on Tuesday, the Paris-based International Energy Agency said oil demand would increase most in developing countries, with Asia, the Middle East and Latin America accounting for nearly 90% of demand growth over the next 5 years. The IEA cautioned that worldwide crude supplies are unlikely to ease. In other news, ABC News quoted an unnamed senior Pentag...
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