Oil prices rose on Friday as the Organization of Petroleum Exporting Countries (OPEC) raised its forecast for global economic growth to 3% in 2024. At 0017 GMT, Brent crude was up 7 cents to $86.47 per barrel, while West Texas Intermediate crude futures were up 12 cents to $82.94 per barrel. Both benchmarks have been steadily rising …
Oil prices rose on Friday as the Organization of Petroleum Exporting Countries (OPEC) raised its forecast for global economic growth to 3% in 2024.
At 0017 GMT, Brent crude was up 7 cents to $86.47 per barrel, while West Texas Intermediate crude futures were up 12 cents to $82.94 per barrel.
Both benchmarks have been steadily rising since June, with West Texas Intermediate crude (WTI) trading at its highest level this year on Thursday and Brent reaching its highest level since January.
Prices have risen in response to Saudi Arabia and Russia extending output curbs, as well as supply concerns fueled by the possibility of confrontation between Russia and Ukraine in the Black Sea region, which might jeopardize Russian oil supplies.
The Organization of Petroleum Exporting Countries (OPEC) forecasted on Thursday that global oil consumption will climb by 2.25 million barrels per day (bpd) in 2024, up from 2.44 million bpd in 2023. Both forecasts were unchanged from the previous month.
Oil consumption is predicted to rise in 2024 due to “solid” economic development and sustained improvements in China, according to the report.
The release of July consumer prices data in the United States on Thursday also boosted market mood, fueling speculation that the Federal Reserve is nearing the end of its aggressive rate rise cycle.
To some extent offsetting these positive price drivers, statistics released this week indicated that China’s consumer sector went into deflation and factory gate prices continued to fall in July, raising concerns about fuel demand in the world’s second-largest economy.
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