Crude oil rose for a fifth day, trading near $75 a barrel in New York, after OPEC increased its world energy demand forecast and the weaker dollar boosted the the appeal of commodities. Oil gained 1.2 percent yesterday as the Organization of Petroleum Exporting Countries raised its 2010 global oil consumption estimate on expansion in emerging economies. The International Energy Agency last week upgraded its demand prediction. Crude also climbed as the dollar fell to the lowest against the euro since August 2008.
“OPEC revised up its global oil consumption forecast for 2010 and that comes on the back of the IEA revising up their forecast,” said Ben Westmore, an energy and minerals economist at National Australia Bank Ltd. in Melbourne. “It is further fueling the sentiment that the demand outlook is better than what a lot of people are expecting.” Crude oil for November delivery gained as much as 81 cents, or 1.1 percent, to $74.96 a barrel in electronic trading on the New York Mercantile Exchange, and traded at $74.77 at 9:27 a.m. Singapore time. Prices last reached $75 on Aug. 25, the highest since October.....read the entire article.
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