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Oil resumes skyward path on demand predictions

Posted on 10 June 2008 | 0 Comments

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By John Wilen, AP Business Writer Oil prices rebound on demand forecasts, supply concerns and tensions in Nigeria NEW YORK (AP) - Oil prices resumed their upward trek Tuesday, rising sharply as investors focused once again on growing global demand for crude. Retail gasoline prices rose to a new record over $4.04 a gallon. The catalyst for oil's latest advance was an International Energy Agency report that said global demand will continue to rise, especially in China. Demand for fuel for reconstruction work in the aftermath of May's earthquake will boost Chinese oil demand by 5.5 percent this year, the IEA said, a slightly higher forecast than in previous reports. Read the rest of the story here.