Oil is up about 5% after the International Energy Agency report

Oil prices rose about 5% today with optimism about the return of global demand for oil after the report of the International Energy Agency and US inventories data, which showed inventories fell by 5.9 million barrels last week.

Brent crude futures, the global benchmark, rose $ 2.91, up 4.6% to $ 66.58 a barrel, and US West Texas Intermediate crude futures rose $ 2.97, up 4.9% to $ 63.15 a barrel.

The International Energy Agency said it expects the return of global demand and supply for oil to balance in the second half of the year. It also added that producers may then need to pump an additional two million barrels per day to meet the expected demand.