Reuters reported that the United States’ oil consumption dropped unexpectedly in December, which pulled down the total annual demand last year at lowest level since 1996, according to the Energy Information Administration.
CNBC reports that the decision by the International Energy Agency (IEA) to release an additional oil into the market is teasing.
The rapidly growing shale oil industry in Texas could signal a coming oil boom for the United States.
Reuters Africa reports that OPEC appears unlikely to raise oil supply limits to cap an oil price rally when it meets in Quito on Saturday.
Bloomberg reports that U.S. crude-oil supplies probably dropped to their lowest level in three months as refinery demand increased with the end of seasonal maintenance.
The price of crude oil has been exceptionally volatile in the last year. It has nearly doubled since January, topping $70 per barrel in June, even though the global economy and demand for oil remains sluggish. The United States and Europe have signaled possible crackdowns on oil speculators - the investors who trade daily in the fuel. They argue that the sharp price changes are not borne out by the small shifts in supply or demand for oil.
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