RTTNews - Crude oil rallied to a fresh multi-month high on Wednesday amid hopes energy demand will continue to improve. Traders awaited the results Organization of Petroleum Exporting Countries meeting as well as Department of Energy inventory data tomorrow.
Light sweet crude oil for July delivery rallied to $63.45, up $1 on the session. This marks oil's highest closing number since November 5.
OPEC members have gathered in Vienna for tomorrow's meeting. All indications point towards output remaining steady. Saudi Arabian Oil Minister Ali al-Naimi told reporters there is no need to cut production.
Also on Thursday, the Energy Information Administration data will be released at 11 a.m. ET. The report is delayed a day because of the Memorial Day break on Monday.
The EIA said on Wednesday it expects oil demand to rise to 91 million barrels per day by 2015 and 107 million barrels per day by 2030.
On the housing front, industry data showed that existing home sales rose 2.9 percent to an annual rate of 4.68 million units in April from a downwardly revised rate of 4.55 million units in March.
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