(Bloomberg) -- Crude oil rose to a 10-month high on
expectations of higher demand and lower inventories later in the
year.
UBS AG, Europe's largest bank by assets, raised its 2007
forecast for West Texas Intermediate by 6.5 percent to $65 a
barrel from $61 because of low inventories and strong demand. Oil
demand peaks in the fourth quarter, when refiners make heating
fuel for the Northern Hemisphere winter. Gasoline demand in the
U.S., the world's biggest oil user, usually rises in summer
Read more at Bloomberg Energy News
expectations of higher demand and lower inventories later in the
year.
UBS AG, Europe's largest bank by assets, raised its 2007
forecast for West Texas Intermediate by 6.5 percent to $65 a
barrel from $61 because of low inventories and strong demand. Oil
demand peaks in the fourth quarter, when refiners make heating
fuel for the Northern Hemisphere winter. Gasoline demand in the
U.S., the world's biggest oil user, usually rises in summer
Read more at Bloomberg Energy News
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