Oil gains as IEA adds to chorus of views seeing tight market

Photo by Joe Raedle/Getty ImagesOil rose toward US$90 a barrel after the International Energy Agency became the latest voice to say the market faces a significant deficit in the second half of this year.

West Texas Intermediate added 0.6 per cent after closing Tuesday at the highest since November. Demand will eclipse supply by 1.2 million barrels a day on average during the second half, the IEA said Wednesday. That comes hot on the heels of a forecast from the Organization of Petroleum Exporting Countries that the fourth quarter may see the biggest deficit in over a decade. The U.S. Energy Information Administration predicts a more modest gap.

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