Oil Rises for 2nd Day on Signs of Increased Global Consumption

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Feb. 17 (Bloomberg) — Crude oil rose for a second day after the Organization of Petroleum Exporting Countries yesterday raised its forecast for global oil consumption, citing surging demand in China.

Global demand will rise to 83.8 million barrels a day this year, according to an OPEC report, 5 percent more than the group estimated last month. Daily oil use in China, the world’s most populous nation, will climb by 500,000 barrels to 7 million, OPEC said, citing a projected economic growth rate of 8 percent.

Bloomberg