(Bloomberg) -- Crude oil rose to a 10-month high on
speculation inventories will decline as demand increases later in
the year.
UBS AG, Europe's largest bank by assets, raised its 2007
forecast for West Texas Intermediate by 6.5 percent to $65 a
barrel from $61 because of low inventories and strong demand. Oil
use peaks in the fourth quarter, when refiners make heating fuel
for the Northern Hemisphere winter. Gasoline consumption in the
U.S., the world's biggest oil user, usually rises in summer.
Read more at Bloomberg Commodities News
speculation inventories will decline as demand increases later in
the year.
UBS AG, Europe's largest bank by assets, raised its 2007
forecast for West Texas Intermediate by 6.5 percent to $65 a
barrel from $61 because of low inventories and strong demand. Oil
use peaks in the fourth quarter, when refiners make heating fuel
for the Northern Hemisphere winter. Gasoline consumption in the
U.S., the world's biggest oil user, usually rises in summer.
Read more at Bloomberg Commodities News
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