WTI oil price shoots higher to $77 on latest IEA report

WTI oil prices shoot higher, trading over $77 a barrel on Tuesday afternoon as the latest IEA oil report paints a world with higher crude oil demand and oil prices too. US Light crude oil futures were trading up to $77.16 at 16.30 GMT on the NYMEX. The IEA raised its estimates for global oil demand, which it now sees 2.1% higher at 86.5 million barrels a day. The IEA also said it expects oil prices to average $79.40 a barrel in 2011. “Oil isn’t really following its own fundamentals, except maybe on Wednesday if we see a draw in crude inventories,” said Matt Smith, an analyst at Summit Energy. An interesting trend in crude oil prices has developed; the commodity has moved in unison with equity markets recently, as traders perceive a strong relationship between the strength of the global recovery and the demand for oil. The IEA also reported that global oil demand next year is expected to be “driven entirely” by countries outside of the OECD, while OPEC crude oil capacity is set to fall on the back of lower volumes out of both Iran and Venezuela. WTI oil price trading near $76, awaits US company’s data Brent oil price trading near $74, European markets mixed WTI oil price trading back near $75, US dollar makes gains WTI oil price up over $73 as the US dollar looses out WTI oil price ends week trading near $79, two month high Oil prices trading lower as IEA predicts oversupply to 2015 Brent oil price trading above $72, looks to US crude data WTI oil price trading up near $72 on latest US data WTI oil price at $69 mark on strong dollar, high stocks Brent oil price trading near $86, get ready for $90 oil? Brent oil price rebounds, trading back over $80 mark Oil prices start week trading lower amid demand concerns Brent oil price trading under $76 on Greece Worries Morgan Stanley forecast oil prices trading at $110 in 2010 Oil prices trading higher as IEA raises 2010 forecast WTI oil price heading towards $74, US data a concern Brent oil opens trading near $75, investors take profits WTI oil price ends week over $76, tracks stock markets WTI oil price over $75 as another US drilling ban looks likely ICE Brent oil price trading higher after hitting $75 mark

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WTI oil price shoots higher to $77 on latest IEA report