What’s the Next Stop for Crude?
Oil traded mixed on Wednesday, but expectations of steady global consumption growth and a surprise fall in U.S. stockpiles held Brent crude above $109 a barrel.
(Read More: Brent Slips, but Demand Provides Support)
An OPEC report that left unchanged the group's 2013 consumption growth forecast supported oil and stemmed further losses. Separately, the International Energy Agency said Wednesday that global oil demand is set to be depressed by weak economic growth throughout 2013, while soaring U.S. oil production gives consumers a perfect cushion to withstand most supply outages.
(Read More: OPEC Agrees to Keep 30 Million Bpd Oil Target)
Brent crude was little changed near $109.60 a barrel on Wednesday morning, swinging between a high of $109.80 and a low of $109.32 earlier in the session.U.S. oil rose 58 cents to $93.12, gaining for a fifth day in the longest daily winning streak since mid-December.
That said, we want to hear from you — what's the next stop for crude?
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Read on for Crude Climbs, but Traders Cast Doubt on Rally