West Texas Intermediate (WTI) oil prices have climbed off a low of US$67.88 a barrel in July to currently sit around US$91. What is causing this rise in prices and what is the outlook for this commodity? Oil consumption Two-thirds (67 per cent) of global oil production is consumed in transportation with another 27 per cent used for industrial heat or power generation. The balance is used in residential or commercial heating. Gasoline accounts for 41 of the 67 per cent, distillates (diesel fuel and heating oil) 15 per cent, jet fuel 8 per cent and asphalts, lubricants and petrochemicals…