June 11 (Bloomberg) -- Crude oil climbed to a seven-month high and gasoline surged after the International Energy Agency raised its global demand forecast. The IEA, adviser to 28 nations, increased its consumption outlook for the first time since August amid signs the recession is bottoming out. Nouriel Roubini, the New York University professor who predicted the financial crisis, said crude will likely touch $100 a barrel next year. Oil also advanced as equities rose on lower jobless claims in the U.S.
“Futures are forward-looking and the market is discounting any present difficulties,” said Jim Ritterbusch, president of Ritterbusch & Associates, a Galena, Illinois, energy consultant. “It looks like we’ve seen the worst of the recession and demand will start to improve during the second half of the year.”
Crude oil for July delivery rose $1.35, or 1.9 percent, to $72.68 a barrel at 2:42 p.m. on the New York Mercantile Exchange, the highest settlement since Oct. 20. Prices are up 63 percent this year.
Gasoline for July delivery gained 4.96 cents, or 2.5 percent, to end the session at $2.0649 a gallon in New York. It was the highest settlement since Oct. 3.
The Paris-based IEA increased its global estimate for daily oil demand by 120,000 barrels to 83.3 million barrels in its monthly report. The gain was driven by the U.S. and China. Consumption worldwide will contract by 2.9 percent from last year, the biggest drop since 1981, the adviser said. more...
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