empty
 
 

2024.01.1908:41:00UTC+00Oil Prices Modestly Higher As IEA Raises Demand Forecast

Oil prices were slightly higher on Friday amid heightened geopolitical tensions, higher forecasts for global oil demand and data showing a drop in U.S. crude stockpiles last week.

Benchmark Brent crude futures rose 0.4 percent to $79.41 a barrel, while WTI crude futures were up 0.4 percent at $74.27.

Geopolitical tensions escalated as Pakistan and Iran engage in reciprocal airstrikes. The U.S. said it is concerned about the escalating tensions in the region and has urged restraint on all sides.

Meanwhile, the International Energy Agency (IEA) has again raised its 2024 global oil demand growth forecast, predicting that global oil consumption will rise by 1.24 million barrels per day (bpd) in 2024, compared with OPEC's 2.25 million bpd projection.

A decline in U.S. crude inventories also supported oil prices.

The U.S. Energy Information Administration reported a larger-than-expected draw in crude inventories of 2.5 million barrels, but gasoline and distillate inventories rose to multi-year highs.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback