U.S. oil futures mark another finish at highest since October 2014 after EIA lifts outlook for crude demand

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 rose 87 cents, or 1.1%, to settle at $81.31 a barrel on the New York Mercantile Exchange.

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