LONDON (Reuters) – Oil prices rose after three major analysts predicted global oil inventories would fall in the second half of 2024.
At 12.30, Brent futures were up 80 cents, or 1%, at 82.73 dollars a barrel, while US West Texas Intermediate (WTI) crude futures gained 92 cents, or 1%. 2%, to $78.82.
The International Energy Agency (IEA), the US Energy Information Administration (EIA) and OPEC have updated their views on the global balance between oil supply and demand for 2024.
The IEA forecasts that oil demand growth will stabilize at 105.6 million barrels per day by 2029, only to be eclipsed by supply – as much as 8 million barrels per day above forecast demand – by 2030.
The EIA raised its global oil demand growth forecast for 2024 to 1.10 million barrels per day, while OPEC maintains its 2024 forecast of 2.25 million barrels per day.
Prices fell more than 2% last week after OPEC and its allies said they would phase out production cuts starting in October.
US Consumer Price Index data will provide further guidance on interest rate policy before the bell on Wall Street, while the US central bank’s policy announcement is expected later in the day.
(Translated by Laura Contemori, editing Claudia Cristoferi)
