Crude oil closes higher after the IEA raised its demand forecasts

Crude oil futures closed higher Thursday (Aug. 11) after the International Energy Agency (IEA) raised its forecast for this year’s oil demand.

  • WTI crude futures rose $2.41, or 2.6%, at $94.34 a barrel.
  • BRENT crude futures rose $2.2, or 2.3%, to close at $99.60 a barrel.

Crude oil futures rose after the International Energy Agency (IEA) published its oil market report for August. It raised its forecast for oil demand this year by 380,000 barrels per day to 2.1 million barrels per day.

The report states that the price of natural gas has reached record highs. This has led many countries, particularly in Europe, the Middle East, and Asia, to switch to oil as a fuel.

Oil prices were also boosted by the sharpest drop in U.S. gasoline inventories in ten months. According to the EIA, U.S. crude oil inventories rose by 5.5 million barrels last week. But gasoline inventories fell by 5 million barrels.

The Organization of the Petroleum Exporting Countries (OPEC) has revised downward its forecasts for global economic growth and oil demand this year. The forecast for global oil demand has been lowered to 100 million barrels per day from 100.3 million barrels per day previously.

The Spot Market is Open

Friday, August 12, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
10.00

93.89

-0.45

-0.48%

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