Oil Rises as US Summer Demand Signs Counter Downbeat IEA View

Oil edged higher as traders weighed the International Energy Agency’s estimate that demand growth is slowing against a US government report showing signs of strengthening fuel consumption after the Fourth of July holiday.

West Texas Intermediate bounced between gains and losses during a choppy session before settling 0.6% higher, topping $82 a barrel. Futures have moved within a roughly $4 range for the past three weeks. Volumes for the commodity have remained muted, coming in below their 100-day moving average, signaling the low liquidity typical of summer trading.