Oil Gains as OPEC Sees Demand Rising

Oil rose past $82 a barrel Wednesday following an OPEC statement that world demand is rising, though the group said it would hold output levels steady, Bloomberg reported.

Crude rose almost $1 to $82.58 a barrel on the New York Mercantile Exchange, Bloomberg said. Prices have risen 68% in the past year.

Saudi Arabian Oil Minister Ali al-Naimi said demand may grow about 1 million barrels a day in the second half of this year, Bloomberg reported.

OPEC ministers meeting in Vienna agreed, as expected, to hold their output quota steady, the fifth time since late 2008 the 12-nation cartel has done so, Bloomberg said.

Meanwhile, the U.S. Department of Energy said gasoline and distillate inventories fell last week, while crude supplies increased.

Gas stockpiles gained 1.7 million barrels and distillates, which include diesel, rose 1.5 million barrels, DOE said in its weekly report. Crude supplies fell by 1 million barrels.