Demand For Oil Is Set To Reach Record Highs
A report by the International Energy Agency (IEA) on Tuesday suggested that the Demand For Oil Is Set To Reach Record Highs across the globe this year as the world recovers from the recent global recession. Energy advisor, IEA claims that crude oil consumption could surpass the current record of 86.5 million barrels per day (bpd).
The correct prediction of the content of this report by the IEA, which showed this increased demand for crude oil has seen commodities traders at broker sites such as HY Markets make healthy profits as the increased demand pushed the price of black gold up and up. The IEA said in its monthly oil market report that the demand for oil globally for the coming year would reach an average of 86.60 million bpd, up from 84.93 million bpd last year.
Following a steady fall throughout last week which continued up until yesterday, the price of crude oil has been on the rise today, a shift triggered by today’s predictions for the demand for crude oil by the IEA. At HY Markets the price of a barrel of Brent crude finished today at $85.60 per barrel, a shade up on its opening price.
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