Commodities
Oil Rises as Risk-On Mood Vies With Weaker IEA Demand Forecast
- Agency cites economic softness, mild weather in Europe
- Report shows US crude inventories fell 2.51 million barrels
Oil edged higher as traders balanced broader risk-on sentiment with concerns about consumption after the International Energy Agency slashed its demand forecast.
West Texas Intermediate rose 0.8% to settle near $79 a barrel, after swinging in a roughly $2 range as markets searched for direction. Earlier, prices fell to the lowest intraday level since February before US data showed some signs of market strength.