Salient to Investors:

The International Energy Agency said global oil consumption will expand more than previously forecast in Q4 2012 and 2013 on a rebound in Chinese demand.

Andrey Kryuchenkov at VTB Capital  said most OPEC exporters are happy with the current market balance and price levels. Torbjoern Kjus at DNB ASA said the Saudis will cut production further going into 2013 to protect prices at $90 to $110 for Brent.

Oil has technical support along an upward sloping trend line on the daily chart.

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