Petroleum Demand May Outstrip Supply

The International Energy Agency (IEA) says the Organization of Petroleum Exporting Countries (OPEC) needs to increase output in order to meet an expected jump in oil product demand of 1.6 million barrels a day in June.

"Steady output at current levels would lead (to OPEC) undershooting our calculated range for the call on its crude, and thus tightening stocks further," the IEA said.

Gasoline supplies are at the lowest levels since October 2005 following Hurricanes Katrina and Rita