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Brent rises above $107 on strong demand growth outlook
Accelerating economic growth in industrialised countries pushes Brent futures above $107 a barrel
Reuters Published in Ahram Online on 22 - 01 - 2014

Brent futures rose above $107 a barrel on Wednesday as investors took heart from a stronger oil demand outlook this year due to accelerating economic growth in industrialised countries.
Brent crude added 70 cents to $107.43 a barrel by 1021 GMT, extending a modest gain on Tuesday. US oil was up 57 cents to $95.54 a barrel to touch its highest since Jan. 3.
"The first oil market reports of the new year have rolled in with positive sentiment as all main agencies," according to JBC Energy analysts, who also predicted demand growth of 1.16 million barrels per day in 2014.
The International Monetary Fund (IMF) raised its global growth forecast for the first time in nearly two years on Tuesday, saying advanced nations could pick up the mantle of growth from emerging markets.
The International Energy Agency (IEA) also increased its estimate for 2014 oil demand to 18.9 billion bpd, saying it would outweigh supply growth even as US shale oil output reaches record highs.
Both the IMF and IEA pointed to the United States as one of the bright spots for the global economy.
There is a "growing feeling that emerging markets are not necessarily the place to be this year and it is time to refocus on advanced economies", PVM Managing Director David Hufton said.
US STOCKS
Investors awaited the latest oil inventory data from the United States. US commercial crude stocks probably rose last week for the first time in eight weeks, by an average of 1.6 million barrels, a preliminary Reuters poll showed.
In the refined products sector, distillate stocks, including heating oil and diesel fuel, were forecast to have dropped by 400,000 barrels on average. Gasoline stocks were seen to have increased by 1.6 million barrels.
The API is due to release its report at 4:30 p.m. EST (2130 GMT), delayed a day due to the Martin Luther King Jr Day holiday on Monday. EIA data was delayed to Thursday at 11 a.m. EST.
Brent oil prices are likely to hold in a range of $105 to $108 a barrel in the short term and the US benchmark in a range of $91 to $96, according to a VTB Capital technical analysis.
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