Crude oil rose for a fourth day in New York after the U.S. Energy Department increased its forecast for global oil consumption this year.
Oil climbed as the department raised its demand projection to 85.3 million barrels a day from 85.18 million, according to its monthly Short-Term Energy Outlook. Prices also gained on prospects that Germany and France will help Greece overcome its crippling budget deficit.
"Oil rose after a bullish outlook" from the department, said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne. "There are definitely more optimistic signs that Greece will be bailed out."
Crude oil for March delivery gained as much as 36 cents, or 0.5%, to $74.88 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $74.87 at 12:15 p.m. in Sydney. Yesterday, it rose 77 cents to settle at $74.52.
The Organization of Petroleum Exporting Countries yesterday also increased its forecast for the amount of crude its members may be called on to supply in 2010, by 150,000 barrels a day.
Source BloomvbergUTV
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