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Oil prices rise on hopes of increasing demand

English.news.cn   2014-02-13 05:40:43

NEW YORK, Feb. 12 (Xinhua) -- Oil prices moved up Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) predicted stronger global crude demand amid an improving outlook for the world economy.

World oil demand growth for 2013 was revised up by 30 thousand barrels per day (tb/d) to 1.0 million barrels per day (mb/d), mainly based on upward revisions for OECD Americas and Europe, said the OPEC in its monthly oil market report Wednesday.

For 2014, world oil demand growth is expected to increase to around 1.1 mb/d, revised up by 50 tb/d from the previous month.

U.S. inventories of crude oil climbed by 3.3 million barrels to 361.4 million barrels last week, the Energy Information Agency said Wednesday, topping market expectation of a 2.6-million-barrel increase.

Increased demand for heating oil due to frigid weather in the United States also lifted crude prices. Supplies of distillate fuel, including heating oil and diesel, decreased by 731,000 to 113.1 million barrels last week.

Federal Reserve Chair Janet Yellen said Tuesday that U.S. economy will expand at a moderate pace, and the Fed will likely keep the plan of cutting stimulus.

Moreover, St. Louis Fed President James Bullard Wednesday said that the Fed will probably have to return to more traditional policy-making now that the unemployment rate fell to 6.6 percent in January, slightly higher than the previous guidance of 6.5 percent.

Light, sweet crude for March delivery moved up 43 U.S. cents to settle at 100.37 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery gained 11 cents to close at 108.79 dollars a barrel.

Editor: Mu Xuequan
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