Oil prices rose today, hovering near recent highs and closing up week over week. Gasoline demand remains strong, with the highest implied demand since 2007 despite higher prices at the pump.

Oil prices fell today as forecasts for a warmer winter put the brakes on the recent rally in energy prices. According to NOAA, the winter weather in large parts of the US is expected to be warmer than average.

Saudia Arabia’s Minister of Energy stated users that are switching from gas to oil could account for an increase up to600,000 barrels per day of crude demand depending on other factors such as the looming winter season and the prices of other sources of energy.

Supply-demand balances show that the market is experiencing a supply deficit, which is spurring deep inventory draws and driving prices upwards,

Prices were mixed, with Brent pulling back slightly after touching multi year highs. Production at U.S. factories fell by the most in seven months in September

Oil prices continued to rise today, despite yesterday’s much larger than expected build in crude inventories.

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Oil prices were steady today whipsawing between gains and losses. Market analysts are beginning to show more concern that rising prices will hurt demand in the long run.

A U.S. administration official on Monday said the White House stands by its calls for oil-producing countries to “do more”, and said they are closely monitoring the cost of oil and gasoline.