Oil rebounded from earlier losses amid signals of stronger-than-expected American demand and an International Energy Agency forecast that global supplies may be in bigger danger than previously thought.
Futures rose as much 1.2 percent in New York on Thursday. Prices climbed after Genscape Inc. was said to report a large decline in stockpiles at the biggest U.S. storage hub in Oklahoma. That withdrawal followed the IEA’s warning that output cuts announced last week by OPEC and allied exporters may be exacerbated by sanctions against Iran and Venezuela’s economic collapse.
Combined output losses from Iran and Venezuela could reach 900,000 barrels a day during the second quarter of next year Read More