— This is the script of CNBC's news report for China's CCTV on April 8, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
An Energy Information Administration (EIA) monthly report raised forecasts for U.S. and global demand growth and lowered forecasts for crude oil production growth in the United States.
Go long or go short? Oil expert Tim Evans told CNBC, money managers are holding the largest net long position on Brent since June 2014, and more investors are buying WTI ETF rather than WTI future.
[Tim Evans] "There does seem to be this appetite for risk. There's this general impression that the downside risk must be less and perhaps the upside potential has become greater."
However, the fundamentals are not promising.
Saudi Arabia has revved up crude production to its highest rate on record, feeding unexpectedly strong demand from foreign refiners and increased capacity at home.
Oil Minister Ali al-Naimi told reporters late on Tuesday that the Kingdom produced some 10.3 million barrels per day (bpd) of crude in March, a figure that would eclipse its previous recent peak of 10.2 million bpd in August 2013, according to records going back to the early 1980s.
Tim Evans says the overall oil surplus could be as many as 2 million barrels per day.
[Tim Evans] "There remain some risk that this physical over supply will eventually mean a price break for the downside that the long accumulation we've been seen may have been proven to be too early."
On the other hand, Royal Dutch Shell is in advance talks to buy BG Group in the first oil super-merger since early 2000s to extend its global lead in gas production and close the gap with the world's biggest oil major U.S.
BG, which is worth $46 billion, said in a statement on Tuesday it was in advanced discussions regarding a possible offer by Shell, whose market capitalization is $202 billion.
CNBC's Qian Chen, reporting from Singapore.
It seems everybody is lying about their texting-and-driving - According to new data by RealNetworks first obtained by CNBC, millions of Americans are guilty of this. Now RealNetworks has added a feature to its ringback phone app LISTEN, that will let callers know when a recipient is driving.
Eric Chemi gets behind the wheel on that story.
* 48% of men will pick up the phone while driving when their spouse calls
* 39% of woman will pick up the phone while driving when their spouse calls
* Drivers 18-34 are twice as likely to send a text while driving
* 10% of drivers aged 18-24 have taken a selfie while driving
Texting & Lying
* 23% of drivers lie about texting and driving
START we know distracted driving ... when they're behind the wheel
INSERT VO: 89120 (show streets and man using phone) + 13240 / (man using blackberry before getting into car) pad with 92065 WEATHER (streets)
first when you look at gender, it's men who tend to pick up the phone....
if you look at by age group, the youngest drivers are of course the most dangerous...when they're behind the wheel...and then finally, look athe people who are lying about their behaviour ....
INSERT VO of driving 88178 (all taxis) / 14216 (parking?)
when you ask drivers about their activity .... the number goes up to 53%
that leaves a gap of 23& of drivers ... that will be 50 million drivers, back to you END