Light Crude Oil Demand May Fall, Pushing Prices Lower, Deutsche Bank Says

U.S. demand for light crude oil, which is used as the basis for New York oil futures, will fall in coming weeks and push prices lower, toward $60 a barrel, according to Deutsche Bank AG.

More refineries that run heavy crude oil, which is less expensive and harder to process, are coming back into service after maintenance to get ready for the summer, said Paul Sankey, an analyst at Deutsche Bank in New York, in a May 1 report. U.S. motor-fuel demand peaks in summer as more people travel by car.

bloomberg