Oil Prices Rise On Record U.S. Oil Demand

The price of WTI crude rose nearly 2% on Thursday on EIA reports that U.S. implied petroleum products demand had risen to record heights. U.S. implied petroleum products demand rose to 23.191 million bpd for week ending December 10. The previous record was set during week ending August 27 of this year, which reached fresh highs of 22.820 million bpd. The increase in demand for petroleum products inspired fresh optimism in the market, as uncertainty in the markets faded after the Federal Reserve’s announcement. The price of a barrel of WTI…