What's Moving the Oil Markets?
•US oil inventory data due to be released Wednesday by the
US Energy Information Administration and American Petroleum Institute are
expected to show a 1.9 million barrel draw in commercial crude stocks, according
to analysts surveyed by Platts Tuesday. Analysts were projecting a build in
gasoline stocks of 1.5 million barrels.
•There was negative sentiment surrounding the Iran uranium talks after US
Secretary of State Condoleezza Rice on Wednesday described Iran's response to a
Western offer aimed at resolving the standoff over its nuclear program as
"disappointing and incomplete."
•Rising oil demand was also a feature of the latest International Energy Agency
report released Wednesday. World oil demand will rise by 1.9% or 1.6 million b/d
to 86.4 million b/d in 2007, the IEA said. Demand is then forecast to rise to 88
million b/d in 2008, 89.8 million b/d in 2009, 91.7 million b/d in 2010 and 93.7
million b/d in 2011.
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