U.S. Oil Demand Hits Two-Year High

Source:

"Second highest monthly level of oil demand since October 2008. . ."

Revised U.S. oil demand figures for July showed petroleum consumption at its second highest level in almost two years, the Energy Information Administration said today.

Although July oil demand was revised down a slight 0.34%, or 65,000 barrels per day, to 19.278 million bpd, oil demand was still 3.5% higher than the 18.626 million bpd in July last year.

This is the second highest monthly level of oil demand since October 2008, following June's 19.314 million bpd demand figure.

The EIA's July oil demand figure is slightly more bearish than the American Petroleum Institute's 19.327 million bpd figure for the month, according to a Reuters report.

The rise in oil demand from last year was bolstered by increases in demand for gasoline, distillate and residual fuels.

Gasoline demand for July rose 0.78%, or 72,000 bpd, from a year ago, as distillate demand climbed 4.89%, or 166,000 bpd.

Residual fuel use surged 79.94%, or 255,000 bpd, in July.

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