Oil Prices Rise As Traders Brush Off OPEC Demand Warnings

Crude oil closed lower on Thursday after an OPEC report raised concerns about summer demand, encouraging traders to book profits after the market failed to follow through to the upside following Wednesday’s big gain. US benchmark West Texas Intermediate futures gained 2% on Wednesday, while testing its highest level in more than a month. This move was fueled by cooling US inflation that raised hopes that the US Federal Reserve will stop raising interest rates. The upside momentum came to an abrupt halt, however, when OPEC flagged downside…