Oil Rises On Low U.S. Inventories, OPEC’s Upbeat Demand Forecast

Oil prices reversed earlier losses to rise early on Thursday, following a bullish OPEC report on global demand and a drop across the board in U.S. petroleum inventories which the EIA reported on Wednesday. As of 11:00 a.m. EST on Thursday, WTI Crude was up 1.74% at $91.23, and Brent Crude traded at $92.81, up 1.38% on the day, despite prospects of a revival of the Iran nuclear deal and higher-than-expected U.S. inflation data for January, which showed annual inflation was 7.5 percent—the highest in 40 years. Supporting oil prices on Thursday…