“Brent crude rose to a four-day high after the International Energy Agency increased its oil demand forecast for 2013 and as OPEC ministers met in Vienna to discuss the group’s production limits.
Futures climbed as much as 0.9 percent in London, a third straight advance. Global oil consumption will expand to 90.5 million barrels a day next year, more than previously forecast amid signs of a rebound in Chinese demand, the IEA said in a report today. There is consensus among OPEC members to keep output limits unchanged, Ecuador’s Minister of Non-Renewable Natural ResourcesWilson Pastor told reporters at the group’s headquarters in Vienna today, before closed-door talks began.
“Some economic data has improved,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said by phone. “I expect the OPEC meeting will result in them trying to bring production closer in line with the ceiling.”
Brent for January settlement added as much as 99 cents to $109 a barrel on the London-based ICE Futures Europe exchange, the highest since Dec. 6. Futures were at $108.92 as of 12:42 p.m. local time.
West Texas Intermediate for January delivery was at $86.52 a barrel, up 73 cents, in electronic trading on the New York Mercantile Exchange. Brent was at a premium of $22.41 to WTI.
Oil in New York has technical support along an upward- sloping trend line on the daily chart, around $85.73 a barrel today, according to data compiled by Bloomberg. A sustained drop below this line, which connects the intraday lows of June and November, will signal a so-called downside breakout, when losses tend to accelerate.”
If you enjoy the content at iBankCoin, please follow us on Twitter
