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Oil prices rise on demand forecast

English.news.cn   2014-03-15 05:33:54

NEW YORK, March 14 (Xinhua) -- Oil prices rose Friday as the International Energy Agency (IEA) lifted its 2014 global crude demand forecast.

Global supplies rose by 600,000 barrels a day in February to 92. 81 million barrels a day, led by a jump in OPEC crude output, the IEA Oil Market Report for March said Friday.

The report raised its estimate for global oil demand in 2014 to 92.7 million barrels a day, 95,000 barrels a day more than its projection made last month, as the macroeconomic backdrop improves.

Emerging markets, despite their recent volatility, are forecast to provide the majority of this growth, with non-OECD Asia accounting for roughly half of the gain.

The uncertainty of Ukraine also supported crude prices.

Hours of talks in London between U.S. Secretary of State John Kerry and his Russian counterpart Sergei Lavrov on Friday failed to iron out differences over Ukraine, as the Russian minister said his country would respect "the will of the people of Crimea" in a Sunday vote on breakaway from Ukraine.

The White House said after the meeting that Russia's refusal to take steps to de-escalate the tensions in Ukraine's autonomous region of Crimea was "regrettable," threatening "additional costs" for Moscow by the U.S. and its European allies.

Light, sweet crude for April delivery moved up 69 cents to settle at 98.89 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery gained 1.18 dollars to close at 108.57 dollars a barrel.

Editor: Mu Xuequan
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