(Bloomberg) -- Crude oil surged to $77.02 a barrel
in New York, 1 cent short of a record close, after a government
report showed that the U.S. economy grew more than expected in
the second quarter, indicating fuel demand will rise.
The economy expanded 3.4 percent last quarter, the fastest
pace in more than a year. The U.S. consumes 24 percent of global
oil production. The International Energy Agency said on July 13
that world oil demand will rise 1.8 percent next year. The
Organization of Petroleum Exporting Countries hasn't raised
output to keep pace with growing consumption.
Read more at Bloomberg Energy News
in New York, 1 cent short of a record close, after a government
report showed that the U.S. economy grew more than expected in
the second quarter, indicating fuel demand will rise.
The economy expanded 3.4 percent last quarter, the fastest
pace in more than a year. The U.S. consumes 24 percent of global
oil production. The International Energy Agency said on July 13
that world oil demand will rise 1.8 percent next year. The
Organization of Petroleum Exporting Countries hasn't raised
output to keep pace with growing consumption.
Read more at Bloomberg Energy News
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