U.S. fossil oil hits $50/bbl for the primary time in 5 weeks, extending yesterday’s sturdy gains once forecasts for sturdyer oil demand by the International Energy Agency; energy stocks (XLE +1%) open strong as WTI presently +1.5% at $50.05/bbl once gaining two.2% yesterday.
WTI popped on top of its 200-day moving average level of $49.55 earlier within the session, tier it had not broken on associate intraday basis since Gregorian calendar month. 10.
Brent crude currently +0.9% at $55.69/bbl for its highest since April, once rising one.6% on Wednesday.
The gains followed associate IEA report that raised its estimate of 2017 world oil demand growth to one.6M bbl/day from one.5M bbl/day.