Oil futures climbed on Thursday, with U.S. prices marking another settlement at the highest since late October 2014 after the International Energy Agency lifted its global oil-demand forecast for this year and next on the back of a "massive" switch to crude by power generators facing an energy shortage. Data from the Energy Information Administration showing a 6.1 million-barrel rise in last week's U.S. crude inventories, however, kept price gains in check. The supply climb was the third weekly rise in a row and biggest since March. West Texas Intermediate crude for November delivery clx21 rose 87 cents, or 1.1%, to settle at $81.31 a barrel on the New York Mercantile Exchange.
U.S. oil futures mark another finish at highest since October 2014 after EIA lifts outlook for crude demand
Myra P. Saefong
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Myra P. Saefong, assistant global markets editor, has covered the commodities sector for eLesor for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.