Crude prices edged slightly higher again today while industry experts offer differing views on 2013?s oil demand.?
The International Energy Agency has shaved 90,000 barrels a day off its forecasts for this year?s oil demand growth. It now believes that oil demand will grow by 840,000 barrels a day. And it cut its estimate for world demand by 85,000 barrels to 90.7mln barrels a day.?
Elsewhere the US Energy Department has increased its 2013 oil price forecast to $92.82 due to ?increased global demand and lower US production?.?
Yesterday OPEC upgraded its demand forecast for this year. The oil cartel estimates an additional 80,000 barrels of oil will be consumed per day than it previously thought, with the new estimate standing at 840,000 barrels of oil per day.
Having broke through the $119 a barrel mark earlier today Brent Crude futures this afternoon stood at $118.75, up just 7 cents. Meanwhile America?s West Texas Intermediary futures were up 25 cents at $97.75.?
Last night?s American Petroleum Institute revealed a 2.3 mln barrel reduction in crude stockpiles.
Later today, however, the US Department of Energy?s corresponding report is expected to show a 2.2 mln build in crude inventories, though distillate and gasoline inventories are expected to have declined.
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